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PayPal to Exclude NFT Purchases from Protection Program
Payments giant PayPal has announced its decision to remove non-fungible token (NFT) purchases from its purchase protection program starting May 20. This change will impact transactions made using the PayPal Balance through third-party platforms.
Revisions to Seller Protection Program
PayPal is updating its Seller Protection Program to exclude Non-Fungible Tokens (NFTs) from eligibility based on transaction amounts. Transactions falling under $10,000.01 USD or above will not be covered, unless specific criteria are met such as unauthorized transaction claims.
PayPal has been actively exploring ways to incorporate NFTs into its platform, allowing users to engage in buying, selling, and holding NFTs directly through their PayPal accounts. This move highlights PayPal’s acknowledgment of the increasing interest in NFTs and its commitment to serving this evolving market.
Current Trends in NFT Market
Recent data indicates a 24% decrease in NFT sales volume over the last 24 hours, totaling $35,628,790. Despite a 1% decline in sellers, buyers and transactions have risen by 3% and 9% respectively. Notably, half of the top 10 collections by sales have shown positive growth, with Bored Ape Yacht Club’s sales leading the way.
In 2021, significant sums were spent on digital collectibles within the NFT space, particularly artworks and products from luxury brands. However, the initial fervor surrounding NFTs seems to have waned in recent times.
Earlier this year, GameStop announced the closure of its NFT marketplace, citing regulatory uncertainties in the cryptocurrency sector as the primary reason for its exit.
Decline in NFT Trading Activity
Data reveals a consistent decline in NFT trading activity over the past year, with a reduction in the number of active wallets participating in NFT transactions.
The ongoing bear market for NFTs mirrors the stagnant performance of the broader crypto market. The question arises: Is this the end of the road for NFTs, or can they stage a comeback in the future?
PayPal’s PYUSD Stablecoin
In 2023, PayPal introduced its dollar-pegged Stablecoin known as “PYUSD,” which is backed by cash and short-term treasuries. Recently, the company unveiled a new feature powered by its money transfer platform Xoom, offering the service to U.S. users from April 4 onwards.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
