Many creators, artists and corporations continue to explore the use of non-fungible tokens (NFTs), despite their plummeting value.
PayPal (NASDAQ:PYPL) took to filing for NFT-related patents making it easier for buyers and sellers to use the technology.
What Happened: An application, which was filed early last week, was disclosed today indicating PayPal’s patent filing. It is for a system that would enable the transfer and trading of NFTs within its network. The U.S. Patent and Trademark Office confirmed the receipt of the fintech company’s new patent application. Originally, the patent was filed on Mar. 21, 2022.
The fintech company plans to create a new system for enabling off-chain transactions through NFTs in a market platform. It also seeks to offer digital wallets associated with the NFT marketplace offering these services.
The new system plans to assist in off-chain transactions within an NFT market platform thereby reducing costs and ramping up the transfer speed. Users on the PayPal platform will be enabled to buy and sell NFTs using fiat currency or any other cryptocurrencies. The patent filing indicates the provision of multiple digital wallets, allowing various users to access the NFTs.
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Mastercard (NYSE:MA), a PayPal rival, is known to have filed 15 NFT and metaverse trademark applications with the U.S. Patent and Trademark Office.
The company looks to create a community for interacting with digital assets and processing payment cards in the Metaverse.
It is an online marketplace for buyers and sellers of downloadable digital goods and virtual reality events.
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