Coinbase, the self-custody crypto wallet, said users can no longer send nonfungible tokens (NFTs) due to interference from Apple.
It has been reported that Coinbase Wallet said the tech company with a more than $2 trillion market capitalization had blocked the latest release of its app in an effort to “collect 30% of the gas fee” through in-app purchases.
However, the platform claimed Apple wanted Coinbase Wallet to disable NFT transactions, which would introduce “new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.”
Coinbase Wallet said:
“For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried. This is akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.”
The report said that the wallet app said that users affected by the decision, i.e., those with iPhones, would find it “a lot harder to transfer that NFT to other wallets.” Coinbase added that the block may have been an oversight, calling on Apple to communicate with the firm over any issues.
Thus, Coinbase first announced it would be adding support for NFTs to its self-custody wallet in December 2021, giving users access through the app to marketplaces like OpenSea. On November 29, the app said it would suspend support for Bitcoin Cash, XRP, Ethereum Classic, and Stellar Lumen, citing low usage.