Coinbase disables NFT transfer on iOS app, citing hefty 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 on 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 transferring an NFT, to collect through Apple’s in-app purchase system so the tech giant can charge 30% of the 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 crypto so we couldn’t comply even if we tried.”
• In October, Apple published a guideline that specifies apps “may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring.”
• The tech giant demands a 30% cut on every transaction, which has provoked criticism from the crypto industry, criticizing what they call the hefty “Apple tax.”

See related article: Coinbase CEO reaffirms exchange’s BTC holdings after CZ’s tweet