PayPal Removes Protections for NFT Transactions
PayPal, a global payment services company, has quietly made changes to its policies that remove protections for nonfungible token (NFT) purchases. Effective May 20, the amended policies will no longer provide buyer and seller protection for NFT transactions. PayPal stated in its updated policies that NFTs are now excluded from its Purchase Protection Program. Additionally, the company announced that its Seller Protection Program will no longer cover NFT transactions valued at $10,000.01 or more. This means that any NFT sales above this threshold will not be protected against false claims, chargebacks, or scams that could result in financial losses.
Adidas Teams Up with Stepn to Release NFT Sneakers
Stepn, a move-to-earn game platform, has partnered with popular shoe retailer Adidas to launch co-branded sneaker NFTs on the Solana network. According to Stepn, the collaboration with Adidas is a long-term partnership aimed at providing their community with various engaging experiences. The collaboration is also intended to promote healthier and more active lifestyles through the offering of digital assets. The sneaker NFTs will be priced at approximately 10,000 GMT tokens, equivalent to around $2,500 based on CoinGecko’s information.
Louis Vuitton Unveils $8,400 Varsity Jacket as NFT
Luxury fashion brand Louis Vuitton has announced the release of a varsity jacket priced at approximately $8,400, which will be accompanied by a corresponding digital collectible NFT. Designed by American record producer and singer-songwriter Pharrell Williams, the jacket is part of Louis Vuitton’s ongoing Via NFT project. Made from suede buckskin and featuring the brand’s embroidered logo, the jacket can be purchased through a token-gated site. Buyers will receive the physical version of the jacket in November or December. This marks the third exclusive product released by Louis Vuitton for Via NFT holders, following a $9,000 bag and a $6,400 digital mini trunk.
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