Coinbase Disables NFT Transfers on iOS App as Apple Wants 30% Cut
Coinbase (Nasdaq: COIN) is the latest victim of Apple's stringent payment policy that forced the crypto platform to remove non-fungible token (NFT) transfers from its Wallet app on iOS.
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In a tweet on Thursday, Coinbase confirmed that the technology giant blocked its "last app release" until the crypto exchange disabled the feature. The iPhone maker wants 30 percent of the gas fees associated with all NFT transfers through in-app purchases.
"Apple's claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee," Coinbase tweeted. It is in line with Apple's existing policy of receiving a hefty cut from all in-app purchases.