PayPal issued a policy update on February 11, stating that the company will not provide coverage for merchants involved in NFT transactions over USD $10,000.

The new measure will take effect on March 21.

PayPal’s statement said:

“Amendments to the PayPal User Agreement. Effective March 21, 2022, we are:

“Revising the PayPal Seller Protection program to expand the list of ineligible items to include certain Non-Fungible Tokens (NFTs) with a transaction amount of more than USD 10,000.”

The new policy assumes that the payments company will not provide coverage for merchants involved in NFT transactions greater than USD $10,000, a relatively low figure for the burgeoning market where a single digital collectible can be worth hundreds of thousands of dollars or even several million.

NFTs mentioned in PayPal’s protection policy

PayPal outlined the move in a separate document detailing amendments to be applied to the consumer protection program. As such, the company stated that art transactions, physical or digital, will be excluded from its protection program when the value exceeds $10,000, or the currency equivalent at the time of payment.

“Art, media, antiques or collectibles, in physical or digital form, represented by a non-fungible token (NFT), with a transaction amount of more than US$10,000 or equivalent value in local currency calculated at the time of the transaction,” the company said in a section describing ineligible items and transactions.

It should be noted that PayPal’s seller protection program is intended to provide merchants using the payment service with some protections against chargebacks and other disputes. It may apply, for example, when a buyer pays but does not receive the item negotiated. In such cases, the company may withhold charges to prevent fraud.

In addition to art and NFT, the protection policy also currently excludes transactions involving real estate, vehicles, financial products, among others.

New York Stock Exchange (NYSE) files a trademark with Uspto that would allow it to, among other things, trade NFTs in the metaverse.

The New York Stock Exchange (NYSE) filed with the U.S. Patent and Trademark Office, Uspto, a new trademark application to register the term “NYSE” for various cryptocurrency and financial services products , including downloadable virtual goods, non-fungible tokens (NFT).

NYSE’s application, under number 97261560, expressly states that it is registering such trademark and logo among many other things as “downloadable virtual reality, augmented reality and mixed reality software; as well as to enable users to experience virtual reality and augmented reality visualization, manipulation and immersion.”

It is also registered as “downloadable software for digital, virtual and cryptocurrency wallets and storage; downloadable computer software and application programming interface (API) to enable users to access, hold, store, display, purchase, sell and trade virtual and digital assets, works of art, collectibles and non-fungible tokens,” among other functions.

The NYSE application expressly states to register such trademark and logo as “provision of an online marketplace for buyers, sellers and traders of downloadable digital assets authenticated by non-fungible tokens (NFT)” and as “Virtual currency financial exchange in the field of digital currency, virtual currency, cryptocurrency, digital tokens, cryptographic tokens, utility tokens and non-fungible tokens (NFTs)-.

The application covers all areas of cryptocurrency, but now in the metaverse.

In a Feb. 15 tweet, trademark attorney Michael Kondoudis revealed that the NYSE had filed an application on Feb. 10 and that the exchange is reaching into the metaverse, writing:

“A new application filed on the 10th says NYSE plans to trademark NYSE for NFTs, cryptocurrencies, digital collectibles and marketplaces to trade and exchange them.”

Kondoudis added:

“This filing is the latest confirmation that Metaverse is real and companies should plan accordingly. Companies no longer need to wonder if it’s going to happen. It’s just a matter of when <…> The NYSE is compensating by taking a proactive and forward-looking approach to ensure that it is the leading financial exchange in the Metaverse….”

Moss is a Brazilian environmental company that sells Blockchain environmental solutions.

Moss sells carbon credits to large companies, such as airlines. The company or airline buys the carbon overuse credits, and Moss offsets that carbon by planting trees, saving the rainforest, thereby avoiding pollution.

The organization says it has conserved approximately 735 million trees in the Brazilian Amazon through internationally certified and audited projects.

Buying NFTs from rainforest lands

Now, Moss says it is looking for new ways to protect the Amazon rainforest as a whole. To that end, he recently purchased a large portion of Amazon land and has subdivided it into hectares.

The rights to each hectare are represented by NFT, which they are now selling. Moss Amazon NFT allows stakeholders to contribute to the maintenance of the Amazon rainforest.

With this new green asset, Moss hopes that various people around the world will help them save large tracts of the rainforest.

This week, the tokens were placed on the OpenSea platform for a pre-sale round. They sold out in less than 1 hour, says Beincrypto.

So far the acquisition has been 50 hectares in total, as can be seen on the Moss website.

On OpenSea it can further be seen that the selling price was starting at 1.4 ETH, or USD $4,371 at current Ethereum prices. However, there were purchases at higher prices.

People who bought the NFTs don’t even have to do anything. The company will act as guardian and custodian of the acreage. They will also be responsible for conservation: they have set up a 30-year protection fund. Twenty percent of all proceeds from the sale of NFTs will go to cover these costs. This includes patrolling, satellite imaging and security of the areas.