PayPal is seeking to revolutionize the NFT market with a recently revealed patent application. This patent introduces a novel approach, suggesting that NFT transactions could involve an unnamed third-party service provider, although Ethereum is mentioned as an example.
The proposed system offers flexibility, including fractionalized NFT purchases and the potential for governance tokens to facilitate trading. It also contemplates utilizing a decentralized autonomous organization linked to the service provider to enhance NFT liquidity.
Interestingly, this patent isn't limited to digital collectibles but extends to any distinguishable digital data tracked on a decentralized blockchain ledger.
Additionally, the application introduces an "omnibus wallet" directly linked to the service provider, enabling transactions without blockchain registration or associated gas fees.
PayPal envisions NFT-generated income through royalties, potentially offering storage and checkout services through a third party while enhancing compliance and risk management.
Importantly, the system allows for the use of various currencies, offering versatility. In recent developments, PayPal introduced its dollar-backed stablecoin, PayPal USD ($PYUSD).
In terms of leadership, PayPal has appointed Alex Chriss as its new President and CEO, a seasoned executive responsible for significant achievements, including Intuit's successful $12 billion acquisition of Mailchimp in 2021.
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