Cryptocurrency exchange Coinbase has announced that it has disabled the feature due to Apple demanding a 30% share of the gas fee on NFT transfers.
The largest US exchange had to disable NFT transfers in the Wallet app on iOS.
Coinbase Backs Down Against Apple
The exchange, which made the statement on Twitter, said that Apple requested that gas fees be made using Apple software, which would result in a 30% share payment.
The stock market made the following statement:
“For anyone who understands how NFTs and blockchains work, this is simply not possible. Apple’s in-app purchase system does not support cryptocurrencies. That’s why we wouldn’t be able to adapt even if we tried.”
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
This conflict is not a new phenomenon. Earlier, Apple had refused to exempt the OpenSea app from the 30% fee.
Apple declined to comment on the matter.
“When someone sets rules that cannot be followed, you have to ask why,” said Paul Grewel, Chief Legal Officer of Coinbase.
