A patent application from PayPal that focuses on a method for trading, buying, and sending non-fungible tokens (NFTs) has been filed. The application, which was made public on September 21, describes a structure for both on-chain and off-chain NFT transactions.
A third-party service provider would run an NFT marketplace, according to PayPal’s patent application. The application specifically states:
The fact that Ethereum is mentioned in the document even though the service provider isn’t named emphasizes the wide range of assets that NFTs can stand in for, from digital artwork to legal documents.
The adaptability of PayPal’s suggested approach is one of its more intriguing aspects. The system might provide fractional ownership by issuing governance tokens, according to the petition.
The operational priorities of PayPal include risk management and compliance. Individual digital wallets are an option for users; however, the system does not require them. In relation to the subject, the application states:
The system’s ability to handle different currencies is significant. The application, which follows PayPal’s August debut of its Ethereum-based stablecoin, PayPal USD (PYUSD), claims that “Any currency could be used in the system.”
The recent filing of a patent by PayPal shows a significant push into the NFT market, opening the door for numerous cutting-edge asset tokenization and trading solutions. In the rapidly developing world of NFTs and blockchain, PayPal’s suggested system would be a game-changer with its emphasis on flexibility, user options, and adaptability to diverse sorts of assets.
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