Several months ago, PayPal chose to enter the era of cryptocurrency and blockchain. The major player in online payment is multiplying innovative initiatives to try to establish itself in the crypto market. The latest crypto campaigns to date concern patent applications which would allow it to dive (further) into the world of NFTs and blockchains.
PayPal looks to NFTs and crypto assets to shape the future
Payments giant PayPal takes another step towards establishing its own blockchain and crypto ecosystem. Increasingly interested in cryptocurrency, the leader in money transfer has just filed a patent application for an NFT purchase and transfer system. This request was filed in March and made public on September 21.
The patent application describes a system allowing users tobuy and sell NFTs through a third party cryptographic service provider. Certainly, the text does not specify the name of the crypto provider. However, Ethereum is mentioned there. This suggests a potential collaboration between the two companies.
PayPal diversifies into the crypto universe
PayPal’s crypto vision goes well beyond the simple collection of digital objects. The online payment giant plans to tokenize a diverse range of assets. This includes :
- images,
- videos,
- the music,
- collectibles,
- digital works of art,
- acts of personal property,
- event tickets,
- legal documents.
According to the explanationsthe system proposed by PayPal could be highly customizable. It would even allow fractional crypto purchases through the distribution of governance tokens. To boost NFT liquidity, PayPal is even reportedly considering working with a decentralized autonomous organization, or DAO. Additionally, NFT creators could generate crypto revenue through royalties.
To further explore blockchain technology, crypto and NFTs, PayPal filed four additional patent applications. The documents suggest particular interest in layer-2s and crypto assets in the metaverse.
With the launch of a stablecoin in August and the integration of transfers into Venmo in May, it is clear that PayPal is looking to play a major role in the adoption of blockchain technology and digital assets. All this heralds a financial future marked by the crypto revolution.
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