Coinbase disables NFT transfer on iOS app, citing hefty in-app fees

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Cryp­tocur­ren­cy exchange Coin­base has dis­abled its non-fun­gi­ble token (NFT) trans­fer fea­ture for iOS users, cit­ing a dis­pute over Apple’s in-app pur­chase pol­i­cy, the exchange tweet­ed on Thursday.

See relat­ed arti­cle: Coin­base wal­let ends sup­port for ETC, BCH, XRP, XLM

Fast facts

  • Coin­base said that Apple requires gas fees, which occur when trans­fer­ring an NFT, to col­lect through Apple’s in-app pur­chase sys­tem so the tech giant can charge 30% of the gas fees.
  • “For any­one who under­stands how NFTs and blockchains work, this is clear­ly not pos­si­ble,” Coin­base wrote in the tweet. “Apple’s pro­pri­etary In-App Pur­chase sys­tem does not sup­port cryp­to so we couldn’t com­ply even if we tried.”
  • In Octo­ber, Apple pub­lished a guide­line that spec­i­fies apps “may use in-app pur­chase to sell and sell ser­vices relat­ed to non-fun­gi­ble tokens (NFTs), such as mint­ing, list­ing, and transferring.”
  • The tech giant demands a 30% cut on every trans­ac­tion, which has pro­voked crit­i­cism from the cryp­to indus­try, crit­i­ciz­ing what they call the hefty “Apple tax.”

See relat­ed arti­cle: Coin­base CEO reaf­firms exchange’s BTC hold­ings after CZ’s tweet



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