24/04/2024 Nifty News: PayPal removes NFT protections, Adidas NFT sneakers and more
Amended PayPal policies excluding NFTs from buyer and seller protection coverages will take effect on May 20.
Multinational payment services firm PayPal is silently taking down protections for purchases related to nonfungible tokens (NFTs).
On May 20, amended policies will take effect, removing buyer and seller protection coverages for NFT purchases. In its upcoming policies page, PayPalsaidthat it has revised its Purchase Protection Program to exclude NFTs from eligibility.
Excerpt from PayPal’s revisions on NFT protections. Source: PayPalApart from this, the company also highlighted that it’s also changing its Seller Protection Program to exclude NFT transactions worth $10,000.01 or above.
This means that PayPal’s guarantee will no longer cover NFT sales over $10,000 against false claims, chargebacks, or scams that could lead to monetary losses.
Adidas and Stepn release NFT sneakers
Move-to-earn game Stepn announced that it partnered with popular shoe retailer Adidas to release co-branded sneaker NFTs on the Solana network.
Stepn said in the announcement that the collaboration is “long-term” and aims to provide their community with a full experience through multiple activations.
Source:StepnAccording to Stepn, the collaboration aims to offer digital assets that promote healthier and more active lifestyles.
The sneakers will cost about 10,000 GMT tokens (the project's native coin), worth about $2,500, according to coin information website CoinGecko.
Louis Vuitton drops $8,400 phygital varsity jacket
Fashion brand Louis Vuitton announced the drop of a varsity jacket worth around $8,400, which will have both the physical garment and a corresponding digital collectible NFT.
The jacket is designed by the American record producer and singer-songwriter Pharrell Williams and is a part of the fashion brand’s ongoing Via NFT project.
Digital representation of the limited edition varsity jacket released by Louis Vuitton. Source: Louis VuittonThe jacket is made from suede buckskin and bears an embroidered logo of the brand. Users can purchase the jacket through a token-gated site and will receive its physical version later in November or December.
The jacket is the third product released by the fashion brand exclusively to its Via NFT holders. The first product was a bag worth about $9,000. This was followed by a $6,400 digital mini trunk that was also sold exclusively to token holders.
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