PayPal's New Policy Excludes NFT Purchases From Buyer Protection

According to PANews, PayPal has announced a new policy that will exclude Non-Fungible Token (NFT) purchases from its buyer protection plan. The policy, which will take effect on May 20, 2024, also states that NFT sales exceeding $10,000 will not be protected against false claims and refunds. The company's website revealed that a notice was issued on March 21, outlining plans to cease protection for certain NFT-related transactions. However, these changes have not been reported until now. Under the 'Amendment to the PayPal Purchase Protection Plan' section on its policy update page, PayPal stated, 'Effective May 20, 2024: We are amending PayPal's Purchase Protection Plan to exclude NFTs from eligibility.' In the 'Amendment to the PayPal Seller Protection Plan' section, PayPal indicated that it is revising its seller protection plan to exclude NFT transactions amounting to $10,000.01 or more from eligibility. This move by PayPal is significant as it affects the security measures in place for buyers and sellers involved in high-value NFT transactions.