Coinbase Disables NFT Transfers on iOS App as Apple Wants 30% Cut

Coinbase (Nasdaq: COIN) is the latest victim of Apple’s stringent payment policy that forced the crypto platform to remove non-fungible token (NFT) transfers from its Wallet app on iOS.

In a tweet on Thursday, Coinbase confirmed that the technology giant blocked its “last app release” until the crypto exchange disabled the feature. The iPhone maker wants 30 percent of the gas fees associated with all NFT transfers through in-app purchases.

“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 tweeted. It is in line with Apple’s existing policy of receiving a hefty cut from all in-app purchases.

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 Wallet (@CoinbaseWallet) December 1, 2022

However, gas prices are paid on the blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in…