Apple Blocks Coinbase Wallet, Demands 30% Cut Of NFT Gas Fees
- Writer Alejandro Miguel
- December 1, 2022
- •1 Min Read
Apple has restricted NFT functions within the highly-popular Coinbase Wallet on iOS, demanding a 30% cut of gas fees associated with token transfers.
According to a tweet from the official Coinbase Wallet Twitter account, Apple has blocked the latest version of the non-custodial wallet on iOS – demanding that developers disable the ability to send NFTs in the app.
The reason? Apple says that the gas fees required to send the NFT assets must be paid via their in-app purchase system so that they can take their standard 30% cut.
Unfortunately for Coinbase Wallet (and the wider Web3 ecosystem), it’s not even the gluttonous 30% commission that is the primary problem. In fact, it appears that apps won’t be able to satisfy the requirement at all.
A permanent roadblock?
Since Apple’s in-app purchase system is non-compatible with blockchains and cryptocurrency payments, Coinbase Wallet has no other option but to disable the feature if they want the app to remain available in the App Store.
Coinbase Wallet is attempting to establish contact with Apple to clarify the issue and its new policies, expressing that they hope it is merely an oversight by the tech giant.
Apple has already drawn criticism from the crypto community following its initial enforcement of 30% fees on in-app NFT purchases, along with additional restrictions to NFT functionality within iOS apps.
If upheld, the new circumstances may be yet another nail in the coffin for NFT use within iOS-based Web3 applications.
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Alejandro is a blockchain writer and consultant who has been involved in the space since early 2016. Being extremely passionate about this emerging technology, he has written content for a myriad of projects and news outlets.