According to news on February 16, payment giant PayPal recently updated its user agreement revision to include NFTs with a transaction value of more than $10,000 on the list of items that do not meet the conditions of its seller protection program. The revision will take effect on March 21.
It is reported that PayPal’s seller protection program can provide some protection for merchants using payment services. When a buyer refuses to pay or withdraws, the merchant is eligible to keep the purchase amount and avoid paying the related chargeback fees.
The program does not apply to more than 1 Related NFTs, antiques, artworks, collectibles, etc. transactions of 10,000 US dollars or the equivalent local currency calculated at the time of the transaction.