PayPal is taking steps to develop its own blockchain system. They’ve applied for a patent that outlines a way to buy and sell nonfungible tokens (NFTs). These NFT transactions can happen both on the blockchain itself and off it, which means they could involve other systems or platforms.
In this patent application, PayPal explains how users can trade NFTs using a third-party service, although they don’t mention which specific service that is. However, they do mention Ethereum as a possibility for this process.
PayPal is working on a system for buying and selling digital collectibles (NFTs), and this system could work with other services like Ethereum. This patent application is still waiting for approval.
The application was submitted in March and was published on September 21.
The system can be adjusted in different ways. It could allow people to buy small parts of something by giving them special tokens, which they can then exchange.
Transactions that occur off the main blockchain can be managed through a single shared wallet owned by the service provider. This wallet includes both the buyer’s and seller’s funds.
The application allows for the use of any type of money, regardless of the currency. In August, PayPal launched its own digital currency called PayPal USD (PYUSD), which is based on the Ethereum blockchain.
Also Read: PayPal Integrates On & Off Ramps, Unlocking Easy Web3 Payments
This news is republished from another source.
