Apple Wants 30% Cut on Fees: Coinbase Disables NFT Transfers on IOS Wallet

Coinbase Wallet, a cryptocurrency wallet app developed by Coinbase, has announced that it can no longer send non-fungible tokens (NFTs) on iOS devices due to Apple’s strict new policies on NFTs.

Apple’s policy requires that all in-app purchases made through its App Store be processed through its in-app purchase system, which charges a 30% commission. This policy applies to all NFT transactions made through Coinbase Wallet, even though the gas fees associated with these transactions are paid in cryptocurrency and not through Apple’s in-app purchase system.

Coinbase has said that it is unable to comply with Apple’s policy because it would require the company to collect and remit 30% of the gas fees on every NFT transaction, which is not technically possible.

The company has also said that Apple’s policy is unfair and anti-competitive, as it gives Apple a monopoly over NFT transactions on iOS devices.

Other cryptocurrency companies have also criticized Apple’s policy. Tim Sweeney, the CEO of Epic Games, has said that Apple is “trying to control the entire app economy” with its in-app purchase policy. Ryan Wyatt, the CEO of Polygon Studios, has called Apple a “criminal” for its policy.

Elon Musk, the CEO of Twitter, has also expressed concerns about Apple’s policy. He has said that he believes Apple is likely to remove Twitter from its App Store if the company does not comply with its in-app purchase policy.

The backlash against Apple’s policy is likely to continue, as it is seen as a major obstacle to the growth of the NFT market. It remains to be seen whether Apple will change its policy in response to the criticism.

In the meantime, Coinbase Wallet users on iOS devices will be unable to send NFTs. They will need to use a different app to send NFTs, or they can wait for Coinbase to find a way to comply with Apple’s policy.