Fintech Giant PayPal Files Patent Application For NFT Transfer And Trading

Updated: 28 September 2023

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PayPal, an online fintech firm that allows users to send and receive fiat worldwide, has filed a new patent application, showcasing plans to offer non-fungible tokens transfer and trading. The application showcases its intention to integrate the world of NFTs with its payment solutions.

PayPal Files Patent Application For NFT Purchase

In a September 21 site publication shared today, the United States Patent and Trademark Office confirmed receiving a new patent application from the financial payment firm PayPal related to non-fungible tokens. The fintech firm initially filed the patent back on March 21, 2022.

Based on the data submitted, PayPal seeks to create an “NFT purchase and transfer system,” which may showcase its intention to integrate the world of NFTs with its payment solutions. The fintech firm anticipates creating a new system enabling off-chain transactions via NFTs in a market platform.

PayPal also anticipates offering digital wallets associated with non-fungible token marketplace offering these services. The NFT market platform will correspond with the blockchain network offering transaction services. The system will connect digital wallets with a service provider.

PayPal has dived deeper into crypto with its patent application related to an NFT marketplace. PayPal’s recent venture into NFT purchase and transfer demonstrates the growing importance and mainstream adoption of NFTs. As a significant online payment industry player, PayPal’s move could further legitimize the NFT space.

Upon approval, this new system will facilitate off-chain transactions within an NFT market platform, a feature that will effectively reduce costs and speed up transfers. Furthermore, the patent application has mentioned the provision of multiple digital wallets, allowing various users to access the NFTs.

PayPal Crypto And NFT Push

The financial payment firm PayPal showcased its interest in crypto last year. Earlier in October, the fintech firm submitted three new trademark applications to the United States Patent and Trademark Office related to crypto and non-fungible token products.

#PayPal has filed trademark applications for PAYPAL and its “overlapping Ps” logo

The apps claim plans for exchanging, trading, and processing transfers of
✅ Blockchain + digital assets
✅ Crypto + digital + virtual currencies
…and more#NFTs #Metaverse #Web3 #Cryptocurrency pic.twitter.com/FadV1SiCfV

— Mike Kondoudis (@KondoudisLaw) October 24, 2022

PayPal showcased plans to launch downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading, and exchanging digital assets. For several months, the financial company has been offering crypto transfer services to wallets and crypto exchanges.

PayPal joins a rapidly growing list of fintech firms already making their foray into the nascent NFT sector. Last year, the payments giant Mastercard filed 15 non-fungible token and metaverse trademark applications with the United States Patent and Trademark Office.

The trademark application highlighted Mastercard’s plans for a virtual community for interacting with digital assets and processing payment cards in the Metaverse, an online marketplace for buyers and sellers of downloadable digital goods and virtual reality events.