Coinbase Wallet Says Apple Blocked Its Latest App Update Over NFT Gas Fees Dispute
Crypto exchange Coinbase’s self-storage wallet says tech giant Apple has blocked its latest app release, effectively preventing iOS device users from sending non-fungible tokens (NFTs).
In a series of tweets, Coinbase Wallet says that Apple wants the updated app to disable the feature that allows users to send NFTs.
“You may have noticed that you cannot send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature.”
Coinbase Wallet says Apple wants customers to pay a 30% gas fee on all NFT transactions, noting that Apple’s demand seems impossible as proprietary Apple technology is currently incompatible with digital assets.
“Apple’s claim is that the gas fees required to send NFTs must be paid through their in-app purchase system so 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 system doesn’t support crypto, so we couldn’t comply even if we tried.”
The platform says Apple’s policy change will have the biggest impact on iPhone users who own digital collectibles.
“If you hold an NFT in a wallet on an iPhone, Apple has just made it much more difficult to transfer that NFT to other wallets, or give it to friends or family. Simply put, Apple has introduced new policies to protect their profits at the expense of of consumer investment in NFTs and developer innovation across the crypto ecosystem.”
Amid the dispute over how to pay the NFT gas fees and the pending release of the app update, Coinbase says it is open to a discussion with Apple.
“We hope this is an oversight on Apple’s behalf and a turning point for further conversations with the ecosystem. Apple – we’re here and want to help.”
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