PayPal Drops NFT Safeguards, Adidas Unveils NFT Sneakers in Latest News

PayPal has quietly made changes to its policies, removing buyer and seller protections for nonfungible token (NFT) purchases. Starting on May 20, NFTs will no longer be eligible for PayPal’s Purchase Protection Program. The company is modifying its Seller Protection Program to no longer cover NFT transactions valued at $10,000.01 or above. This means that PayPal will no longer guarantee protection against false claims, chargebacks, or scams for NFT sales over $10,000.

In collaboration with Adidas, move-to-earn game Stepn announced the release of co-branded sneaker NFTs on the Solana network. Being a long-term partnership, Stepn and Adidas aim to provide their community with a complete experience through various activities. This collaboration seeks to offer digital assets that promote healthy and active lifestyles. The sneaker NFTs will be priced at approximately 10,000 GMT tokens, equivalent to around $2,500.

Louis Vuitton, the fashion brand, has introduced an $8,400 varsity jacket that includes both the physical garment and a corresponding digital collectible NFT. Designed by Pharrell Williams, the jacket is part of Louis Vuitton’s ongoing Via NFT project. Made from suede buckskin, it features the brand’s embroidered logo. The jacket can be purchased through a token-gated site, with the physical version delivered later in November or December. This jacket is the third item exclusively released to Via NFT holders, following a $9,000 bag and a $6,400 digital mini trunk.

The removal of buyer and seller protections by PayPal for NFT purchases has raised concerns in the industry. As NFTs gain popularity and attract high-value transactions, the lack of protection could expose buyers and sellers to potential monetary losses. This move by PayPal highlights the need for participants in the NFT market to exercise caution and conduct thorough research before engaging in transactions.

The collaboration between Stepn and Adidas reflects the growing trend of combining virtual and physical assets. By offering sneaker NFTs, the partnership aims to cater to the desires of their community and provide a unique blend of digital and real-world experiences. This not only adds value to the NFTs but also enhances the overall engagement and enjoyment for users.

Louis Vuitton’s introduction of a high-priced varsity jacket with an accompanying NFT further demonstrates the fashion brand’s foray into the digital realm. By offering both the physical jacket and a digital collectible, Louis Vuitton seeks to appeal to collectors who are interested in owning exclusive and unique pieces. The Via NFT project allows the brand to connect with its audience in a new and innovative way, while also leveraging the growing popularity of NFTs.

These developments in the NFT market underscore the increasing intersection between the virtual and physical worlds. As more companies and brands explore opportunities in the NFT space, it is crucial for participants to be aware of the changing policies and potential risks associated with these transactions. NFT buyers and sellers should exercise caution, conduct thorough research, and consider alternative payment methods that offer robust protections for their transactions.

One thought on “PayPal Drops NFT Safeguards, Adidas Unveils NFT Sneakers in Latest News

  1. The Stepn and Adidas partnership is bringing the best of both worlds together! Sneaker NFTs are a must-have for any fashion and tech enthusiast.

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