Apple Blocks Coinbase Wallet Users From Sending NFTs
Applying Gas Fees Tax
On Thursday crypto exchange Coinbase announced through their Twitter that the reason as to why iOS users have been unable to transfer NFTs on their Coinbase wallet is due to Apple’s strict policies on NFTs which were announced and imposed earlier in October.
Coinbase explains that Apple’s policies demand for the crypto exchange platform to be charged with a 30% app tax taken from the gas fees of every transaction. Developers that aren’t able to meet these requirements will have their apps blocked from the App Store.
Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
“For anyone who understands how NFTs and blockchains work, this is clearly not possible,” Coinbase wrote. “Apple’s proprietary In-App Purchase system does not support crypto, so we couldn’t comply even if we tried.”
“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.”
Apple VS NFTs
This isn’t the first time Apple has had a major dispute with the NFT community. Earlier this year in October, the giant tech company caused massive criticism after they announced that NFTs will officially not be exempted from their 30% App Store fee. This policy has been the main reason why the NFT community are unable to purchase or make NFT trades through mobile apps like OpenSea.
In September, Epic Games CEO Tim Sweeney heavily criticized Apple, arguing that the company was intentionally “killing all NFT app businesses it can’t tax.”
This latest dispute with Coinbase has also caused the tech company some massive criticism, with Coinbase CEO Brian Armstrong himself calling Apple’s inflexible rules ‘absurd.’
“Good example of the kinds of discussions we have with Apple on a monthly basis, to deal with their app store monopoly. It’s gotten pretty absurd at times,” Armstrong tweeted.
Good example of the kinds of discussions we have with Apple on a monthly basis, to deal with their app store monopoly. It's gotten pretty absurd at times. https://t.co/g43JPDoYZX
— Brian Armstrong (@brian_armstrong) December 1, 2022