PayPal will not protect NFTs over $ 10,000

The payment processor PayPal included a new limitation for the handling of transactions with non-fungible tokens (NFT), which is that those that exceed 10,000 dollars will not be protected by their policies.

The measure, which will come into effect on March 21st, was published on the official blog of the digital payment platform.

Specifically, this new policy will not cover those merchants who engage in NFT transactions above $ 10,000, which is a low figure compared to the growing market.

PayPal described the measure in a separate document detailing the amendments to apply to the consumer protection program. As such, the company indicated that art transactions, physical or digital, will be excluded from its protection program when the value is greater than 10,000 dollars, or the equivalent in the currency at the time of payment.

The payment firm did not indicate the reasons why it has chosen to promote the new measure, although it is possible that it is related to the recent wave of fraud and illicit transactions within the NFT market.

K. Tovar

Source: Diariobitcoin