PayPal Applies For NFT Marketplace Patent
PayPal has filed a patent application for a NFT purchase and transfer system, aiming to create its own blockchain ecosystem. The application, filed in March and published in September, outlines a system for transactions with NFTs on and off-chain, allowing users to buy and sell NFTs through a third-party service provider, although the provider is not specified.
PayPal plans to utilize NFTs for tokenization, extending beyond the exchange of electronic collectibles. NFTs can represent any unique digital data tracked using a decentralized blockchain ledger, including digital images, videos, music, collectibles, deeds to personal property, event tickets, and legal documents. The system could be customized to accommodate fractionalized purchases, promote NFT liquidity through a dedicated platform, and earn income from royalties. A decentralized autonomous organization associated with the service provider could also be used to promote NFT liquidity.
(With inputs from Shikha Singh)
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