PayPal Withdraws NFT Protections; Adidas, Stepn Launch Sneaker NFT; Louis Vuitton Introduces 'Phygital' Jacket
Summary:
PayPal has withdrawn protections for transactions involving nonfungible tokens (NFTs), ending safeguards against fraud for purchases over $10,000. In NFT and fitness partnerships, Adidas and gaming application Stepn announced the release of co-designed sneaker NFTs on the Solana network, aiming to promote healthier lifestyles. Luxury brand Louis Vuitton has launched an $8,400 'phygital' varsity jacket, complete with an accompanying NFT, designed by American musician Pharrell Williams, exclusively for its Via NFT holders.
PayPal no longer guards against risk for those dealing in NFTs
Global payment provider, PayPal, has quietly decided to withdraw safeguards on transactions involving nonfungible tokens (NFTs). As of May 20th, changes to their policies exclude purchases related to NFTs from both buyer and seller protection coverages. The revised Purchase Protection Program now states that NFTs are no longer eligible for cover. Similarly, PayPal's Seller Protection Program is being altered in regards to transactions exceeding $10,000 for NFTs. PayPal will cease to protect against fraudulent claims, charge-backs, and potential scams leading to financial losses for NFT deals over the stated amount.
Adidas and Stepn team up to create NFT sneaker
In the exercise gaming world, Stepn has revealed a partnership with renowned footwear brand Adidas to launch a co-design NFT sneaker on the Solana network. This 'long-term' collaboration has been formed with the goal of offering their collective audiences an immersive experience through a variety of activations. One principal objective of the partnership is to release digital assets encouraging healthier, more active lives. Each pair of NFT sneakers will set you back approximately 10,000 GMT tokens (Stepn's proprietary coin), equivalent to roughly $2,500.
Louis Vuitton retails $8,400 'phygital' varsity jacket
Luxury brand Louis Vuitton has released a varsity jacket priced at around $8,400. The garment is accompanied by an NFT digital collectible rendering it 'phygital'. American music artist Pharrell Williams has collaborated on the jacket's design, an addition to the Louis Vuitton Via NFT project. Fabricated from suede buckskin, the jacket features the brand's embroidered logo. Customers can purchase through a token-gated site with the physical version delivered later in the year. Louis Vuitton's Via NFT project has previously launched exclusive products for NFT holders, first a $9,000 handbag followed by a $6,400 digital mini trunk.
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Published At
4/23/2024 12:50:09 PM
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