According to the platform, Apple requested that Coinbase Wallet prohibit NFT transactions in order to introduce new restrictions to safeguard corporate revenues at the expense of user investment in NFTs.
According to Coinbase’s self-custody cryptocurrency wallet, Apple’s intervention has made it impossible for customers to send nonfungible tokens or NFTs.
On December 1, Coinbase Wallet said on Twitter that the tech corporation, which has a market valuation of more than $2 trillion, had blocked the most recent version of its app in an effort to “extract 30% of the gas fee” through in-app sales. According to the platform, Apple wants to stop NFT transactions in Coinbase Wallet by enacting “new restrictions to safeguard corporate revenues at the expense of customer investment in NFTs and developer innovation across the crypto ecosystem.”
“For anyone who understands how NFTs and blockchains work, this is clearly not possible,” said Coinbase Wallet. “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.”
Users who would be impacted by the decision, i.e. those who use iPhones, would find it “a lot difficult to move that NFT to other wallets,” according to the wallet software. Coinbase further stated that the ban might have been a mistake and urged Apple to get in touch with the company if there were any problems.
In December 2021, Coinbase initially revealed that it would add NFT compatibility to its self-custody wallet, enabling users to access marketplaces like OpenSea through the app. The app announced on November 29 that it would stop supporting Stellar Lumen, XRP, Ethereum Classic, and Bitcoin Cash due to poor usage.
