PayPal announced that it will be removing non-fungible (NFT) tokens from the Purchase Protection and Seller protection programs starting on May 20, 2024.
The company first announced the change on its website Website On March 21, all NFT transactions will be affected, and participants won’t have any protection against fraud or chargebacks.
PayPal has previously explored direct sales, and held NFTs in its platform. It even filed a patent related to NFTs for 2022.
PayPal has updated its protection policies in response to the recent developments on the digital assets market.
PayPal is not withdrawing from cryptocurrency despite the current downturn. In 2023 it will launch PYUSD which is a stablecoin tied to the U.S. Dollar.
Stablecoins issued by the payment company peaked at over US$300 millions in capitalization in late February, but have since fallen to US$200million.
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