PayPal, the renowned payment giant, has announced revisions to its trading policy regarding NFTs effective May 20.
The company will no longer offer buyer protection for NFT purchases, and it will amend its seller protection program, removing safeguards for transactions involving NFTs valued above or below $10,000.
Under the revised policy, NFT sales exceeding the threshold will no longer be covered against false claims and chargebacks while for transactions below this threshold, seller protection will only apply if the buyer claims it was unauthorized and meets all other eligibility requirements.
Source: Paypal