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PayPal Holdings Inc. has applied for a patent related to an NFT marketplace since it was described as a system where users can buy and sell non-fungible tokens through a third-party service provider.
Likewise, PayPal’s latest patent filing is for on and off-chain asset trading, a kind of NFT purchase and transfer system that will also handle fractionalization, decentralized autonomous organizations (DAOs), and royalties via third-party.
A Step Into Building Its Own Blockchain Ecosystem
The fintech firm’s patent application for an NFT Marketplace is said to be a major progress in attaining its goal of building its own blockchain ecosystem. While PayPal was revealed to have submitted its application in March, this information was only reported this month.
As per CoinTelegraph, the NFT patent is still pending at the United States patent office. The third-party provider in the application was not specified, but it was said that there was a reference to Ethereum in the documents. PayPal hopes to use the full potential of non-fungible tokens for tokenization and move far beyond the trading of digital collectibles.
“The NFT in this example may represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger,” the company said. “Examples of such assets include digital images and videos, music, collectibles, and other digital art along with deeds to personal property, event tickets, legal documents, and other real-world items.”
PayPal’s Venture Into NFT and Crypto
Once it obtained the patent, PayPal said users may use any currency in the system. The company has already added many blockchain-related features to its platform, including the MetaMask Wallet, PayPal USD, and Ethereum.
Now, it is seeking to add the NFT trading and transfer program to offer these services to its users. CoinPedia reported that soon, PayPal customers will be able to transfer, buy, and sell NFTs without going to different systems, as this will all be available within the brand’s own network.
This means people can trade digital tokens using fiat or other cryptocurrencies directly on PayPal’s platform. The firm is trying to make this service available as the popularity of NFTs continues to mount.
Photo by: Marques Thomas/Unsplash
