Apple Blocks Coinbase Wallet NFT Transfers

    On Thursday, the platform tweeted that Apple has demanded Coinbase pay a 30% tax on all gas fees associated with transferring NFTs.

    Due to a disagreement with Apple (AAPL) over the latter’s in-app purchase policy, cryptocurrency exchange Coinbase (COIN) has disabled non-fungible token (NFT) transfers on its iOS wallet app.

    On December 1, Coinbase Wallet claimed on Twitter that the tech company, which has a market capitalization of more than $2 trillion, had blocked the most recent version of its app to “collect 30% of the gas fee” through in-app purchases. According to the platform, Apple wanted to disable NFT transactions in Coinbase Wallet by enacting “new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.”

    This is obviously not possible, according to Coinbase Wallet, who explained how NFTs and blockchains operate. “Even if we tried, we couldn’t comply because Apple’s proprietary In-App Purchase system does not support crypto. Similar to Apple trying to charge a fee for each email sent over open Internet protocols, this would be unethical.”

    Users impacted by the decision, i.e., those who have iPhones would find it “a lot harder to transfer that NFT to other wallets,” according to the wallet app. Coinbase further stated that the block might have been a mistake and urged Apple to contact the company if there were any problems.

    In response to the decision, Coinbase’s Chief Legal Officer Paul Grewel tweeted, “When someone imposes rules that can’t be followed, you should ask why.”

    Elon Musk, the new owner of Twitter, has also questioned Apple’s 30% in-app fee policy, claiming that the company has threatened to ban Twitter from its app store. These disputes about Apple and Coinbase coincide.

    When NFT Today Magazine contacted Apple for comment, a response had yet to be received.

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