PayPal Removes NFTs from Purchase Protection and Seller Protection Programs

Beginning May 20th of this year, PayPal (Nasdaq: PYPL) will remove non-fungible tokens (NFTs) from its Purchase Protection and Seller Protection Programs, the payment service giant announced in a policy update. This will leave those selling and buying NFTs without safeguards against fraudulent transactions and chargebacks.

The move has been called ‘surprising’ by some crypto publications as PayPal was once very deep into NFTs, even exploring direct sales and holding NFTs on its platform. The company even filed an NFT-related patent in 2022, which aimed to streamline NFT trading by allowing fractional ownership as well as integrating with third-party service providers.

But of course, we all know what happened to NFTs.

But this doesn’t mean that PayPal has completely given up on the sector, the company did launch PYUSD, a dollar-pegged stablecoin last year. PYUSD’s value peaked at a hefty $300 million market capitalization before dropping to $200 million.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

PayPal’s Growth Plan in Doubt as Revenue Falls Short, Stock Slips

PayPal Holdings, Inc. (NASDAQ: PYPL) announced its third-quarter 2024 earnings today, reporting mixed results that...

Tuesday, October 29, 2024, 09:30:00 AM

PayPal Purchasing Crypto Security Company Curv to Further its Move Into Digital Currencies

In a bid to further its cryptocurrency exposure, PayPal announced it will be acquiring digital...

Wednesday, March 10, 2021, 05:26:00 PM

PayPal Enables US Customers To Purchase Goods Using Their Crypto Holdings

PayPal has finally unveiled its new service that allows users to pay for goods using...

Wednesday, March 31, 2021, 02:36:00 PM

Cardinal Labs Shuts Operations Down, Leading Us To Ask: “Why Rent NFTs At All?”

Solana-based protocol Cardinal Labs has announced its decision to wind down operations, citing challenging economic...

Saturday, July 1, 2023, 11:31:00 AM

PayPal Pummeled After 4Q Earnings Report; Selling May Be Overdone

After the regular market close on February 1, Digital payments giant PayPal Holdings, Inc. (NASDAQ:...

Sunday, February 6, 2022, 09:00:00 AM