PayPal Files Patent Application for NFT Marketplace
Date: 2023-09-29 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Payment giant PayPal has come up with a new innovation in the world of cryptocurrencies and digital assets by filing a patent application for the development of its own platform for trading non-fungible tokens (NFTs). This event, although it occurred in March of this year, has only recently become known. Let's take a look at what awaits us in the world of NFTs with the involvement of PayPal.
A New Approach to NFTs
PayPal's application describes a new system that will provide users with convenience and accessibility in the world of NFTs. It is important to note that this will be a system that allows the buying and selling of NFTs through a third-party provider within the network. This opens the doors to a wide audience that may not have experience with digital wallets.
Fractional Purchases Through Governance Tokens
The new platform also allows for fractional purchases through the distribution of governance tokens. This means that users can acquire fractions of NFTs, making this world more accessible and investment-friendly.
Security and Accessibility
One of the key points is that users will not be required to have their own digital wallets. Instead, a third-party provider will offer alternatives for storing and withdrawing funds. This is intended to enhance security and simplify the process of NFT operations.
It is important to note that transactions will not be recorded on the blockchain, eliminating the need to broadcast transactions and pay gas fees. This is an important step towards more efficient and cost-effective NFT operations.
Variety of Currencies
Furthermore, the statement mentions that various currencies can be used on the PayPal NFT network. This gives users more freedom of choice and participation in the NFT market.
Why is this important?
With the development of cryptocurrencies and digital assets, PayPal is not standing still. They are actively expanding their capabilities, introducing the PYUSD stablecoin and "Crypto Hub," which allows users to store, buy, and sell cryptocurrencies. Their partnerships with cryptocurrency exchanges like Coinbase confirm their serious intention to enter the world of cryptocurrencies.
PayPal filing a patent application for an NFT platform could be a revolutionary step in the world of non-fungible tokens. The system offered by PayPal promises to make NFTs more accessible and secure for a wide audience. Combining fractional purchases and various currencies opens up new horizons for investors and collectors. We will have to wait and see how this initiative develops and how it will change the world of NFTs.
