Breaking: Coinbase Blames Apple For Disabling NFT Transactions

In a major development, Coinbase has claimed that Apple blocked their wallet’s latest release because of which users are now unable to transfer NFTs. As per Coinbase, Apple has claimed that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they get to collect 30% of the gas fee.

Apple Wants A Cut

Coinbase, further went on to point out that, the demand by Apple is completely unjustified as it’s clearly not doable in practical terms. Because Apple’s proprietary in-app purchase system does not support crypto, Coinbase couldn’t comply even if they tried to.

The biggest impact from this policy change is on iPhone users that own NFTs – if you hold an NFT in a wallet on an iPhone, Apple just made it a lot harder to transfer that NFT to other wallets, or gift it to friends or family.

— Coinbase Wallet (@CoinbaseWallet) December 1, 2022

The dispute between Coinbase and Apple comes at a challenging time for the cryptocurrency exchange, whose shares have dropped by around 80 percent so far in 2022. In addition, the company has reduced its workforce as a cost-cutting measure in response to the decline in investor interest in cryptocurrencies.

Apple’s Monopoly Raises Concern

The team behind the app notes that Apple has introduced profit-protecting policies that come at the expense of “developer innovation across the crypto ecosystem.” Coinbase Wallet is hoping that this is a mistake and has tweeted an invitation to Apple to discuss the matter further.

The “30 percent fee” has been a contentious point between the world’s most valuable company and other app developers like Spotify and “Fortnite” maker Epic Games, which have accused the company of misusing its “monopoly”.

Apple Vs. Elon Musk

Very recently, the electronics giant also took strong steps against Twitter by completely shutting down its advertising activities on the platform. Elon Musk sarcastically cited that Apple may have been against free-speech and therefore planned on ditching the social media platform for their online marketing.

Following this, Elon Musk also accused Apple of threatening to remove Twitter from their App Store. On Monday, he tweeted that Apple is allegedly threatening to “withhold” Twitter from its App Store, without specifying the reasons.

Apple has also threatened to withhold Twitter from its App Store, but won’t tell us why

— Elon Musk (@elonmusk) November 28, 2022

However, on Wednesday, Musk met Apple’s CEO Tim Cook, and also shared a video of the Apple headquarter. He claimed that the situation has been resolved between the two and the fact that Twitter could potentially be removed from the App Store was a mere “misunderstanding”. According to Musk, Apple never considered it in the first place.

TAGS
Coinbase

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.