Coinbase’s self-custodial cryptocurrency wallet said users could no longer send non-perishable tokens, or NFTs, due to Apple’s intervention.
On December 1, Coinbase Wallet said the tech company with a market capitalization of more than $2 trillion blocked the latest version of its app in an effort to “charge 30% in gas fees” through in-app purchases. The platform claimed that Apple wants Coinbase Wallet to disable NFT transactions, which will introduce “new policies to protect its profits at the expense of consumer 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 in-app purchase system doesn’t support encryption, so we couldn’t comply even if we tried. This is like Apple trying to charge you for every email sent over open Internet protocols.”
The wallet app said that users affected by the decision — namely those with iPhones — would find it “very difficult to transfer NFTs to other wallets.” Coinbase added that the ban may have been an oversight, calling on Apple to contact the company about any issues.
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Coinbase first announced that it would add support for NFTs to its self-custodial wallet in December 2021, giving users access through the app to marketplaces like OpenSea. On November 29, the app said it would suspend support for Bitcoin Cash
and Stellar Lumen
, citing low usage.