Recently, PayPal, the online payments giant, quietly revised its buyer and seller protections for transactions involving non-fungible Token ( Non-Fungible Token ).
According to the company's latest terms of service update , Non-Fungible Token purchases will no longer be covered by PayPal's buyer protection policy as of May 20, 2024.
Additionally, PayPal will also discontinue seller protection for Non-Fungible Token transactions worth more than $10,000. According to a company spokesperson, due to “uncertainty” in the Non-Fungible Token industry. This decision could impact the Non-Fungible Token market, making buyers cautious and sellers difficult to sell Non-Fungible Token, leading to a decrease in volume and market value.
Although the notice about stopping providing protection for some Non-Fungible Token -related transactions has been posted on PayPal's website since March 21, to date, these changes are still not widely known.
PayPal's narrowing of its Non-Fungible Token protection policy is a sign of the potential risks associated with the nascent Non-Fungible Token market. Investors and users should consider carefully before participating in this market and take precautions to protect themselves from fraudulent activities.
