Coinbase Disables NFT Transfers on Its Wallet App Over Apple’s 30% Request on Gas Fees

Coinbase has disabled non-fungible token transfers on iOS wallet app as Apple requests 30% cut on Ethereum gas fees.

Coinbase Disables NFT Transfers on Its Wallet App Over Apple's 30% Request on Gas Fees

Leading crypto exchange Coinbase has disabled non-fungible token (NFT) transfers on its iOS wallet app as Apple requests a 30% cut of any Ethereum gas fees paid NFT transactions via the wallet app.

Coinbase Disables NFT Transfer on the iOS App

Coinbase took to Twitter to announce that Apple is demanding it pays its gas fees using Apple software, as part of the highly criticised in-app purchase policy the company announced in October.

Sponsored

According to Coinbase, users can no longer send NFTs on the Coinbase iOS app because “Apple blocked our last app release until we disabled the feature.” 

The move is part of Apple’s plan to “collect 30% of the gas fee” of in-app purchases. According to Coinbase, the policy aims at protecting Apple’s profit at the expense of consumer investments. Coinbase tweeted:

Reactions to Apple’s In-App Purchases Policy

Apple’s controversial in-app purchase fee has angered many crypto advocates. Coinbase has said the policy is “akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.”

Ryan Wyatt, the CEO of Polygon Studios, has taken a similar stance. He calls Apple’s 30% tax “criminal,” while Epic Games CEO Tim Sweeney has said the tech giant “must be stopped.” 

On the Flipside

  • According to Coinbase since Apple’s proprietary in-app purchase system does not support crypto, they couldn’t comply with the payment even if they tried.

Why You Should Care

Many believe that Apple’s strict NFT fee policy will make it more difficult for users to transfer their assets and limit mainstream adoption of NFTs.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia