PayPal's patent application to create a marketplace for seamless on and off-chain NFT trading was filed in March and made public in September 2023
Digital payments provider PayPal, on its recent crypto-related development, has published a patent outlining a system for the transfer and trading of Non-Fungible Tokens (NFTs), both on and off-chain, within its network. This is significant progress for PayPal towards creating its blockchain ecosystem.
The pending patent application establishes a system where users can purchase and trade NFTs utilising a third-party service. The patent application includes a variety of figures, images, and technical explanations of the various methods and systems involved in enabling off-chain transactions via the NFT marketplace.