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Coinbase (COIN), a cryptocurrency exchange, has banned non-fungible token (NFT) transfers on its iOS wallet app. The halt occurs due to a disagreement with Apple (AAPL) over Apple's App Store purchase guidelines. https://twitter.com/CoinbaseWallet/status/1598354819735031809
Coinbase Ban of NFT Transfers On Apple’s App Store
On Thursday, Coinbase claimed on Twitter that Apple requires it to pay its gas costs via Apple software, which would expose the payments to Apple's 30% application tax. It is impossible, according to Coinbase, for anyone to comprehend how NFTs and blockchains operate. Even with the best efforts, the exchange couldn't conform since Apple's exclusive In-App Purchase mechanism doesn't support cryptocurrency. The argument is the most recent development in a protracted debate between Apple and the NFT community. Markets like OpenSea have been prevented from providing NFT trading within their mobile applications due to Apple's official refusal to waive its 30% App Store charge for NFT trading back in October.
Coinbase 30% In-App Charge Structure
In reaction to the judgment, Coinbase Chief Legal Officer Paul Grewal tweeted that when someone establishes standards that cannot be obeyed, you should question why. https://twitter.com/iampaulgrewal/status/1598362684684394497 Elon Musk, the newly appointed owner of Twitter, has criticized Coinbase's 30% in-app charge structure and said that Apple has attempted to ban Twitter from its application store. These events coincide with the conflict between Coinbase and Apple.