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PayPal, NFTs are quietly removing protections related to purchases. Stepn announced a partnership with popular shoe brand Adidas to release NFTs on the Solana network. Louis Vuitton will have both a physical garment and a digital collectible NFT, announcing the sale of a jacket for about $8,400. Last week, we compiled three major developments that made a mark in the NFT world for you.
PayPal Changes NFT Policy
Multinational payment services company PayPal is quietly removing protections related to NFT purchases. Policies changed on May 20th will take effect, removing buyer and seller protection guarantees for NFT purchases. In the soon-to-be-published policies page, PayPal stated that it revised the Purchase Protection Program to exclude NFTs from eligibility.
Additionally, the company emphasized that it will also change the Seller Protection Program to exclude NFT transactions valued over $10,000.01 USD. This development means that PayPal’s guarantee will no longer cover NFT sales over $10,000 USD against false claims, chargebacks, or potential financial losses due to fraud.
Stepn and Adidas Announce Collaboration
Stepn, announced a partnership with popular shoe brand Adidas to release co-branded sports shoe NFTs on the Solana network. Stepn stated in the announcement that the collaboration is long-term and aims to provide a full experience to the community through multiple activations.
According to Stepn, the collaboration aims to offer crypto assets that promote healthier and more active lifestyles. According to CoinGecko, the cost of the sports shoes will be about 10,000 GMT tokens, valued at approximately $2,500.
Louis Vuitton’s New NFT Move
Fashion brand Louis Vuitton will have both a physical garment and a digital collectible NFT, and announced the sale of a college jacket valued at approximately $8,400. The jacket, designed by American record producer and singer-songwriter Pharrell Williams, is part of the fashion brand’s ongoing Via NFT project.
The jacket is made from suede leather and will feature the brand’s embroidered logo. Users will be able to purchase the jacket through a token-supported site and will receive the physical version between November and December. The jacket is the third product exclusively offered to Via NFT holders by the fashion brand. The first product was a bag valued at about $9,000, followed by a mini bag sold only to token holders for $6,400.
