Coinbase Wallet NFTs Blocked By Apple.
Coinbase Wallet just blocked in-app NFT transfers, citing pressure from Apple demanding 30% of gas fees for NFT transfers.
Coinbase Wallet, the self-custody mobile crypto wallet developed by America’s largest exchange Coinbase, has disabled the NFT transfer feature on its application for iOS devices. The platform noted that the move was due to pressure from Apple, demanding 30% of gas fees from NFT transfers.
“You might have noticed you can’t send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature,” Coinbase Wallet disclosed in a tweet Thursday.
You might have noticed you can't send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature. 🧵
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
Apple blocked Coinbase Wallet’s latest app release until Coinbase disabled the NFT transfer feature. Consequently, users are unable to send NFTs.
The American multinational technology company is asking Coinbase Wallet to enable NFT transfer through its dedicated in-app purchase system, so 30% of the gas fees for transfers will be allotted to Apple, Coinbase Wallet revealed in the announcement.
Coinbase Wallet highlighted that they couldn’t comply with the directive from Apple even if they tried to because the Apple in-app purchase system does not support cryptocurrencies. They likened the demand from Apple to a request to collect fees for emails sent over open IPs.
“The biggest impact from this policy change is on iPhone users that own NFTs – if you hold an NFT in a wallet on an iPhone, Apple just made it a lot harder to transfer that NFT to other wallets, or gift it to friends or family,” Coinbase Wallet remarked in a separate tweet within the thread.
Coinbase noted that Apple has chosen to put forward policies that will help increase their profits from apps hosted on the App store without considering how that would affect consumers who have dived into NFT investments through Coinbase.
Coinbase Wallet is hopeful that the recently-introduced policy is only an oversight on Apple’s part and a significant time that would usher in further positive developments through productive conversations. Coinbase Wallet tagged Apple with the closing remark: “we are here and want to help.”
Apple has not released any official statement on the issue as of press time. Several individuals within the cryptocurrency community have criticized the trillion-dollar technology company for the recent policy-making unrealistic demands. Amid this disturbing development, the particular proponent disclosed that he still had the option to make transfers using the web app.