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Coinbase Disables NFT Transfer In iOS App, Citing High In-App Fees

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 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 an NFT is transferred, to be collected through Apple’s in-app purchase system so that the tech giant can collect 30% of 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 cryptography, so we would not be able to comply even if we tried.”
  • In October, Apple released a guideline specifying that apps “may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transfer.”
  • The tech giant demands a 30% cut on every transaction, which has drawn criticism from the cryptocurrency 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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