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Apple Blocks iOS Coinbase Wallet Holders Over 30% Gas Fee

source-logo  thecoinrise.com 02 December 2022 09:55, UTC

Details from a Twitter post suggest that the users of Coinbase Inc’s self-custody crypto wallet can no longer transfer Non-fungible tokens (NFTs) due to the fact that they have been blocked by Apple.

Therefore, iOS users are not allowed to send NFTs from their crypto wallets on any iOS device. According to Coinbase, Apple wants more than $2 trillion market capitalization as it aims to collect 30% of the gas fees.

In October, the tech company announced its plan to charge a 30% gas fee for in-app NFT-related transactions.

This followed after applications that supported these NFT transactions and games were enabled on the Apple iOS app store. Since then, the focus of many has been on the 30% cut and some felt it was absurd to charge such a percentage.

Coinbase Refuses to Give in to Apple

Many crypto enthusiasts even went ahead to compare it with other NFT marketplaces like Magic Eden and OpenSea which charge about 5% commission. At that time, it was believed that the move by Apple was going to discourage many iOS users from adopting the new feature.

Gabriel Leydon, Chief Executive Officer (CEO) of Machine Zone said “Apple has decided to let developers sell NFTs inside of games/apps. Everyone is focusing on Apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players!” He added, “I will HAPPILY give Apple a 30% cut of a free NFT.”

Now, the Coinbase platform claims that Apple attempted to stop its wallet from performing NFT transactions. This in turn would bring about “new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.”

In response to Apple’s move, Coinbase Wallet has been very adamant, and has said that “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.”