PayPal has madeImproved seller protection program) to exclude NFT token transactions over $10,000, this change will take effect on March 21 this year.
followdocumentwhich explains in more detail stated that Items or transactions such as art, media, antiques or collectibles, physical or digital, such as NFTs, valued at more than $10,000 or the local currency equivalent, as calculated at the time of transaction. will not be eligible to participate in the Seller Protection program.
“The amendment to PayPal’s Seller Protection program was to expand the list of ineligible items. This includes some NFT tokens with a transaction value greater than $10,000.”
PayPal Seller Protection entitles merchants to retain the full purchase amount. The policy protects against chargebacks, refunds and objection to full payment of eligible payments. due to unauthorized transactions or not receiving the goods
PayPal first announced that US users could buy Bitcoin and other cryptocurrencies in October 2020, and the following year it started allowing users to spend. Cryptocurrency such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) are available at millions of online merchants around the world.
Dan Schulman, CEO and chairman of PayPal, previously said: “This is the first time you can use cryptocurrencies As seamlessly as a credit or debit card in your PayPal wallet, we think this is a transitional point where cryptocurrencies will go from being an asset you buy, hold or sell to become. A legitimate source of funds to conduct real-world transactions with millions of merchants.”
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