Apple demands a 30% fee for sending NFTs to Coinbase Wallet

The wallet’s team said that it would not be able to meet the corporation’s demand because it is technically impossible

02.12.2022 - 10:00

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What’s new? Representatives of the crypto wallet of the Coinbase exchange have reported that Apple has blocked the latest update to the app. This update added a feature to send non-fungible tokens (NFTs). According to Coinbase Wallet, Apple requires that fees for this operation be paid through the App Store purchase system. The fee for this is 30%. The wallet team’s said it will not be able to meet the corporation’s demand, as it is technically impossible.

You might have noticed you can't send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature. 🧵 — Coinbase Wallet (@CoinbaseWallet) December 1, 2022

What else is known about the situation? According to representatives of Coinbase Wallet, Apple’s request is comparable to if the corporation wanted to get money for any emails sent over the Internet. In addition, Apple’s purchase system does not support cryptocurrencies.

The wallet’s team stated that Apple introduced the new policy in order to support and increase its profits through investors in NFTs and innovative developments in the crypto sphere.

The corporation announced the possibility of selling NFTs through the App Store with a 30% commission in September. At that time, crypto community members criticized the high fees because commissions on leading marketplaces usually reach only 5%.

In October, Apple published new guidelines for placing crypto applications in the App Store, prohibiting them to add links to third-party resources or calls to visit them. It is noted that NFT sales must only be made through Apple’s internal system.

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