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.

Nifty News: PayPal removes NFT protections, Adidas NFT sneakers and more

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.

b718c289-7a26-4a1e-bcd7-78c5f70d9e46.jpgExcerpt from PayPal’s revisions on NFT protections. Source: PayPal

Apart 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.


According 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.

c17c3c2e-fa0b-49f1-b454-3962dda1c490.jpgDigital representation of the limited edition varsity jacket released by Louis Vuitton. Source: Louis Vuitton

The 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.



Interesting NFTs
Source Code for the WWW
OWNER: Sir Tim Berners-Lee Sir Tim Berners-Lee, b. 1955 Source Code for the WWW 1990-1991 Work includes: Original archive of dated and time-stamped files containing the source code, written between 3 October 1990 and 24 August 1991. These files contain code with approximately 9,555 lines, the contents of which include implementations of the three languages and protocols invented by Sir Tim; HTML (Hypertext Markup Language); HTTP (Hyper Transfer Protocol); and URIs (Uniform Resource Identifiers), as well as the original HTML documents that instructed early web users on how to use the application Animated visualization of the code being written (Video, black & white, silent), lasting 30 minutes 25 seconds A Scalable Vector Graphics (SVG) representation of the full code (A0 841mm wide by 1189 mm high), created by Sir Tim from the original files using Python, with a graphic representation of his physical signature at lower right A letter written in the README.md file (in “markdown” format) by Sir Tim in June of 2021, reflecting upon the code and his process of creating it Non-fungible Token ERC-721 Minted on June 15, 2021, ed. 1/1 Smart Contract Address: 0x86ade256037d80d6d42df8df96d5be21cd25bd8f
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