PayPal has amended the terms of its merchant-focused Seller Protection program to account for transactions of more than $10,000 that involve non-fungible tokens (NFTs).
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The policy will become effective on March 21, according to a policy update dated February 11. The page highlights “[r]evising PayPal’s Seller Protection program to expand the list of ineligible items to include certain Non-Fungible Tokens (NFTs) with a transaction amount of more than $10,000 USD.”
A separate document outlining the full amended Seller Protection program agreement states that among the items ineligible for protection are “[a]rt, media, antiques, or collectibles, in physical or digital form, as represented by a Non-Fungible Token (NFT), with a transaction amount of more than $10,000 USD or equivalent value in local currency as calculated at the time of the transaction.”
PayPal’s Seller Protection program is aimed at providing merchants who use the payment service with some protections against chargebacks and other disputes.
PayPal went live with crypto support via its main platform as well as Venmo last year, after announcing the initiative in October 2020 in partnership with industry startup Paxos. PayPal is also exploring the potential launch of a stablecoin, as The Block first reported.