PayPal's seller protection program has been revised; NFT transactions over $10,000 are not eligible

PayPal's seller protection program has been updated to exclude NFT transactions worth more than $10,000. This comes while the NFT market is experiencing many challenges connected to scams.


PayPal's seller protection program has been updated to exclude NFT transactions worth more than $10,000.
PayPal revised crypto seller protection program

PayPal has changed its policies, which will affect NFT transactions. Under the new rules for the seller protection program, NFT transactions over $10,000 will be ineligible. On March 21, 2022, the change will take effect.


Moreover, products represented by NFTs, such as art, media, antiques, and collectibles in physical or digital form, are among the items that are not eligible for the seller protection program.


The adjustment follows a rash of harmful activity in the NFT area, with bad players finding new ways to deceive the system.


Tax authorities in the United Kingdom recently seized NFTs linked to an alleged $1.8 million NFT fraud case. Scams involving NFTs are many and varied, thus several sites have warned consumers to be cautious.


Last year, PayPal integrated cryptocurrency to its services, which was widely regarded as a positive development for the cryptocurrency sector.


There were some limitations at first, such as the inability to move assets off the platform. PayPal, on the other hand, has been gradually expanding its crypto-related offerings.


Bitcoin processed 62% more transactions than PayPal in 2021, indicating that cryptocurrency is becoming more popular. PayPal and Visa, for example, are adopting features of the technology rather than competing with it.


These two companies, for example, have invested $300 million in a Blockchain Capital Fund.