Coinbase Wallet Forced to Disable NFT Transfers as Apple Wants 30% Cut of Gas Fees
On Wednesday, @Coinbase, one of the world’s largest cryptocurrency exchanges, announced that they were forced to disable NFT transfers in their IOS apps due to @Apple wanting a 30% cut of transactional gas fees (which is impossible.)
“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,” the company said in a statement.
The news comes amid tension between Elon Musk and Apple regarding their 30% tax on all app transactions.
“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.”
“For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto, so we couldn’t comply even if we tried.”
Do you believe this was an oversight on Apple’s part? Do you think they understand but are trying to be neutral? Or do they not understand how the blockchain works? Let us know your thoughts below. 👇🏽