Amended PayPal policies excluding NFTs from buyer and seller protection coverages will take effect on May 20.
Multinational payment services firm PayPal is silently taking down protections for purchases related to nonfungible tokens (NFTs).
On May 20, amended policies will take effect, removing buyer and seller protection coverages for NFT purchases. In its upcoming policies page, PayPal said that it has revised its Purchase Protection Program to exclude NFTs from eligibility.
Apart from this, the company also highlighted that it’s also changing its Seller Protection Program to exclude NFT transactions worth $10,000.01 or above.
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Source: https://cointelegraph.com/news/nifty-news-paypal-nft-protections-adidas-nft-sneakers-louis-vuitton-jacket