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Seeking Alpha 2022-12-01 22:07:31

Coinbase forced by Apple to stop NFT transfers on its iOS wallet app

Coinbase Global ( NASDAQ: COIN ) said Thursday it has disabled customers from sending non-fungible tokens (NFTs) on the cryptocurrency exchange's iOS wallet app as Apple's ( NASDAQ: AAPL ) in-app purchase system. "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 wrote in a series of Twitter posts . In response to Apple's ( AAPL ) demands, Coinbase ( COIN ) said it cannot comply with the requirement "even if we tried" due to the fact that the iPhone maker's in-app purchase system does not support crypto. Apple ( AAPL ) "has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem," said Coinbase, while noting the 30% tax makes it a "lot harder" to transfer NFTs to other wallets. In response to the policy change, Coinbase Chief Legal Officer Paul Grewel said “When someone imposes rules that can’t be followed, you should ask why." NFTs, which are digital representations of real world objects that can be traded, gained tremendous popularity in 2021, though the broader crypto market downturn has hampered demand for much of the past year. In June, Coinbase card can be used with Apple Pay and Google Pay .

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