Home
News
- 1 Paypal, an online payment system preparing to delve into the sea of NFTs, applied for a patent.
- 2 The company is all set to focus on a system for buying, selling, and transferring the NFTs.
The news from the office of Paypal, an American multinational financial technology company, filled NFT enthusiasts with joy. The company decided to enter the NFT space to assist individuals with the buying, selling, and transferring of NFTs. the continuous evolution of the NFT sector, simply attracting giant technological players, making the NFT marketplace fiercer.
What PayPal is Planning?
After the successful launching of its native stablecoin, PayPal is all set to expand its roots in the NFT marketplace. With a complete plan, the company submitted the application focusing on a system for buying, selling, and transferring NFTs. The application for a marketplace patent was submitted by the company on September 21, outlining the structure for both the on-chain and off-chain NFT transactions.
The application was filed in March and published in September 2021.
Why is PayPal so interested in entering the NFT marketplace?
NFT or Non-fungible tokens is an emerging trend in the crypto space that not only connects individuals with technology but also boosts their interest in art, music, gaming, Metaverse, and many more. NFTs are generally created using programming languages used for cryptocurrencies, recorded on a blockchain, and are mainly used to certify authenticity and ownership.
The NFT industry is continuously growing, hitting $16 Billion in 2021, and is expected to reach $212 Billion by the end of 2030. The uninterrupted success of NFT attracted PayPal to the space.
The NFT System of PayPal
PayPal has developed strong roots in the creation of its own blockchain ecosystem by filing a patent application in the NFT marketplace.
The application defines a mode of carrying out NFT transactions, both over the on-chain and off-chain. The company is planning to offer customers a system to buy and sell NFTs through a third-party service provider. Also, the system is expected to offer customized services based on the needs of the customers. Fractionalized purchases through the distribution of governance tokens and decentralized autonomous organization (DAO) to promote NFT liquidity through a dedicated platform are some customizations PayPal is planning to offer.
Processing with a service provider involved compliance and risk management. The third-party service provider offers a variety of services including wallets for storage and checkout services as an alternative, making NFT purchase, selling, and transfer much more efficient to the users. Focusing on the off-chain transaction, such transactions could be managed by the omnibus wallet which contains both the buyer and seller’s wallet.
In addition to this, compatibility with all types of currency is another factor making the proposal of PayPal more interesting to the crypto world.
Conclusion
PayPal, one of the leading players in the Online payment system is all set to expand its roots in the NFT marketplace. The company submitted its application for an NFT marketplace patent. PayPal is aiming to make NFT buying, selling, and transferring easier and more efficient for individuals.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
