Despite the decline in their value, many creators, artists, and corporations are still exploring the possibilities of non-fungible tokens (NFTs). Recently, PayPal made a move by filing patents related to NFTs, aiming to streamline the use of this technology for both buyers and sellers.
In the filed application, disclosed today but submitted early last week, PayPal is seeking a patent for a system facilitating the transfer and trading of NFTs within its network. The U.S. Patent and Trademark Office has confirmed receiving this new patent application, originally filed on March 21, 2022.
PayPal’s vision involves establishing a system that allows off-chain transactions through NFTs in a market platform. This system is designed for cost optimization and faster transfer speeds. Additionally, PayPal aims to provide multiple digital wallets linked to the NFT marketplace, offering users the ability to buy and sell NFTs using fiat currency or various cryptocurrencies.
In the competitive landscape, Mastercard, a rival to PayPal, has also made moves by filing 15 NFT and metaverse trademark applications with the U.S. Patent and Trademark Office. Mastercard is looking to create a community for engaging with digital assets and processing payment cards in the Metaverse.
The evolving online marketplace caters to buyers and sellers of downloadable digital goods and virtual reality events, reflecting the dynamic nature of the digital economy.
In addition to NFT developments, PayPal has three other crypto patents, indicating their commitment to the growing industry.