PayPal removes NFT protections, Adidas NFT sneakers and more

PayPal removes protections for NFT buyers and sellers

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, PayPal said that it has revised its Purchase Protection Program to exclude NFTs from eligibility.

Excerpt 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.

Source: Stepn

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.

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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 Vuitton 

The jacket is made…

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