PayPal removes buyer and seller protections for NFTs PayPal i | NFT & Crypto Updates

PayPal removes buyer and seller protections for NFTs

PayPal is quietly stripping buying and selling protections for non-fungible token-related (NFT) transactions in a partial reversal of its previous policy, according to the firm's little-noticed terms-of-service update. Under the new policy, effective May 20, NFT purchases will no longer be covered by PayPal's buyer protection policy. Additionally, NFT sales worth more than $10,000 will no longer be backed by the company’s guarantee against false claims, chargebacks or other scams that may cause sellers to lose money.

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