PayPal, a well-known platform in the digital payments world, is all set to enter the sector of non-fungible tokens (NFTs). The platform has announced a unique patent application that focuses on the trading as well as purchasing of non-fungible tokens (NFTs). The publication of its exclusive patent application to purchase and trade NFTs intends to establish its separate blockchain ecosystem.
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PayPal Files Patent Application for NFT Transfer and Trading
PayPal Enters NFT Market with Its New Patent Application
The digital payment platform has pointed out that it is prepared to become a part of the NFT field. It intends to create a system where consumers can sell and purchase non-fungible tokens. However, the respective forum would permit that via a 3rd-party service-providing company. The text of the patent application frequently refers to the blockchain of Ethereum.
Even then, at one point, the platform also considers the trading of non-fungible tokens external to the blockchain. In PayPal’s description of the patent application, the platform envisions that the consumers can customize the trading of the non-fungible tokens. Moreover, it intends to allow the clients to carry out off-chain NFT trading as well.
In the patent application, the firm noted that an “omnibus wallet” will serve to handle the off-chain transfers. The respective omnibus wallets will potentially have an association with the service-providing platforms. Apart from that, they will also comprise the wallets that the sellers and buyers possess.
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This signifies that the payment giant’s clients, who intend to trade and buy NFTs, do not require owning separate digital wallets. This issue can be resolved with the use of some 3rd-party brokers offering several checkout and storage services. As PayPal attempts to possess an important place within the NFT industry, it has recently collaborated with Paxos to release a stablecoin called PayPal USD (PYUSD).
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