As part of its seller-protection program, giant online payment service PayPal has announced some changes for Non-Fungible Tokens (NFTs) transactions exceeding $10,000.
In a policy update made on February 11, PayPal expanded their Seller Protection program ineligibility list, to add NFT transactions over $10,000.
The seller protection program is a merchant-focused program that protects them from loss of money whenever a buyer disputes, and other chargeback situations.
It covers physical goods that are sold and shipped with proof of delivery from within the United States to buyers around the globe. Most digital items and services are also covered.
Among other items that are ineligible are: counterfeit items, motor vehicles, motorcycles, purchase of financial products, mislabeled items etc.
The new amendments to their terms will take effect on March 21, 2022.