# PayPal Applies for NFT Marketplace Patent; Enhancing Blockchain Initiatives Source: https://www.econotimes.com/PayPal-Files-for-NFT-Marketplace-Patent-for-Purchase-and-Transfer-System-1663527 Kiwi News: https://news.kiwistand.com/stories/PayPal-Applies-for-NFT-Marketplace-Patent-Enhancing-Blockchain-Initiatives?index=0x6516ca3efac6235073643d62bbac63fe871d33285830e9481e32bacfa94b50ce173b2400 Submitted by basedsatoshi.eth on 2023-09-29 UTC, 1 upvote, 0 comments ## Summary PayPal has applied for a United States patent for an NFT marketplace that would let users buy, sell and transfer non-fungible tokens on its own platform. According to CoinTelegraph, as cited in the article, the application was submitted in March, was reported only this month, and remains pending at the patent office. The article says the filing also covers fractionalization, decentralized autonomous organizations and royalties, and that the third-party provider is unspecified, though the documents reference Ethereum. PayPal's stated aim is to use NFTs for tokenization beyond digital collectibles. ## Article Business / Digital Currency / Investing Add as a preferred source on Google PayPal's patent application for NFT marketplace service is now pending at the U.S. patent office. Updated Sep 29, 2023, 4:45 AM UTC2 min read PayPal is moving further into the world of blockchain as it creates features for NFTs too. PayPal Holdings Inc. has applied for a patent related to an NFT marketplace since it was described as a system where users can buy and sell non-fungible tokens through a third-party service provider. Likewise, PayPal’s latest patent filing is for on and off-chain asset trading, a kind of NFT purchase and transfer system that will also handle fractionalization, decentralized autonomous organizations (DAOs), and royalties via third-party. A Step Into Building Its Own Blockchain Ecosystem The fintech firm’s patent application for an NFT Marketplace is said to be a major progress in attaining its goal of building its own blockchain ecosystem. While PayPal was revealed to have submitted its application in March, this information was only reported this month. As per CoinTelegraph, the NFT patent is still pending at the United States patent office. The third-party provider in the application was not specified, but it was said that there was a reference to Ethereum in the documents. PayPal hopes to use the full potential of non-fungible tokens for tokenization and move far beyond the trading of digital collectibles. “The NFT in this example may represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger,” the company said. “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’s Venture Into NFT and Crypto Once it obtained the patent, PayPal said users may use any currency in the system. The company has already added many blockchain-related features to its platform, including the MetaMask Wallet, PayPal USD, and Ethereum. Now, it is seeking to add the NFT trading and transfer program to offer these services to its users. CoinPedia reported that soon, PayPal customers will be able to transfer, buy, and sell NFTs without going to different systems, as this will all be available within the brand’s own network. This means people can trade digital tokens using fiat or other cryptocurrencies directly on PayPal’s platform. The firm is trying to make this service available as the popularity of NFTs continues to mount. Photo by: Marques Thomas/Unsplash Related articles View all Business Central Bank of India Alleges ₹13.97 Crore Transferred From RBI Settlement Account The reported transfers occurred Oct. 15-17, the same period covered by a technical-glitch disclosure the bank made on Oct. 19. Business Denza Announces India Arrival; Reports Cite Nov. 13 Debut Indian reports point to the D9 MPV and Z9 GT shooting brake, while overseas specifications do not establish which models or powertrains BYD will bring to India. Business Mirror Message Prompts Search of IndiGo Flight in Kolkata Passengers waited more than two hours on the tarmac, and a senior airport official said the search found no suspicious object.