Coinbase Wallet Suspends NFT Transfers, Cites Apple's New Policies
Main page News, Apple, NFT, Regulations, Coinbase
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Dec. 1, 2022

Coinbase's non-custodial application for storing crypto, Coinbase Wallet, has disabled support for transferring non-fungible tokens (NFTs) over Apple's new policies, which require paying gas fees through its In-App Purchase system.

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This system means that users would have to pay an extra 30% fee to Apple on each transaction, which is akin to Apple "trying to take a cut of fees for every email that gets sent over open Internet protocols," the Coinbase Wallet account said in a tweet thread.

"Simply put, Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem," Coinbase added.

As iHodl reported in October, Apple won't prohibit applications in its App Store that sell NFTs for as long as they do not try to evade the company's 30% fee on in-app purchases.

Coinbase Wallet to Stop Supporting XRP, ETC, BCH and XLM

According to the latest update of its App Store Review Guidelines, applications may use in-app purchase to sell and sell services related to NFTs, including minting, listing or transferring.

Apple also said applications should not distinguish iOS users from each other, meaning no unique features for NFT holders are allowed within the app. The company prohibited unique access depending on what crypto users own as well.

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