According to Cointelegraph, PayPal made progress toward creating its own blockchain ecosystem by filing a patent application for a nonfungible token (NFT) purchase and transfer system. The application is believed to have been filed in March and published on September 21, 2023. The new application might describe a means of carrying out transactions with NFTs, both on- and off-chain.
Sources revealed that the patent uses a system where users can buy and sell NFTs through a third-party service provider. Supposedly, the provider is not specified and Ethereum is mentioned in the text.
“The NFT in this example may represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger. […] Examples of such assets include […] digital images and videos, music, collectibles, and other digital art along with deeds to personal property, event tickets, legal documents and other real-world items,” PayPal explained.
Furthermore, it is believed that any currency could be used in the system, according to the application. In August, PayPal is expected to have introduced its own stablecoin, PayPal USD PAYUSD ($1.00), built on Ethereum, Cointelegraph concluded.
(With insights from Cointelegraph)
