PayPal Files Patent for NFT Marketplace for On- or Off-Chain Asset Trading

PayPal has made significant strides in developing its own blockchain ecosystem by submitting a patent application for a system designed for the purchase and transfer of non-fungible tokens (NFTs). This application, filed in March and published on September 21, outlines a method for executing transactions involving NFTs, both on-chain and off-chain.

The pending patent application presents a framework in which users can buy and sell NFTs via a third-party service provider, although the specific provider is not named in the details.

The proposed system includes a schematic for conducting off-chain NFT trades.