Ethereum

PayPal USD

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 PayPal’s proposed NFT purchase and transfer system would handle fractionalization, DAOs and royalties through a third-party provider. 
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<div class="cointelegraph"> 
 PayPal made major progress toward creating its own blockchain ecosystem by filing a <a rel="noopener noreferrer nofollow" title="patent" href="https://thebittimes.com/tag/patent.html">patent</a> application for a nonfungible token (NFT) purchase and transfer system. The application, filed in March and published Sept. 21, describes a means of carrying out transactions with NFTs, both on- and off<a rel="noopener noreferrer nofollow" title="-chain" href="https://thebittimes.com/tag/chain.html">-chain</a>.&nbsp; 
 The <a rel="noopener noreferrer nofollow" title="patent" href="https://thebittimes.com/tag/patent.html">patent</a> application, which is still pending, describes a system where users can buy and sell NFTs through a third-party service provider. That provider is not specified, though Ethereum is mentioned in the text. 
 Related: PayPal enables US users to sell cryptocurrency via MetaMask wallet 
 PayPal envisioned using the full potential of NFTs for tokenization, going far beyond the exchange of electronic collectibles: 
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 “The NFT in this example may represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger. […] 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.” 
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 The system could be customized in a variety of ways. For example, it could accommodate fractionalized purchases through the distribution of governance tokens, which then could be traded themselves. In addition, a decentralized autonomous organization “associated with the service provider may be used to promote NFT liquidity through a dedicated platform.” NFTs could also earn income from royalties. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/29/55e07588db774b4d5d71e0345d543353.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> Schematic of an off-chain NFT trade, as proposed by PayPal. Source: USPTO 
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 Processing by the service provider could include compliance and risk management. Users could have their own digital wallets but would not be required to. A third-party broker could provide a variety of storage and checkout services as an alternative. Off<a rel="noopener noreferrer nofollow" title="-chain" href="https://thebittimes.com/tag/chain.html">-chain</a> transactions could be handled within an “omnibus wallet” associated with the service provider and containing both the buyer and seller’s wallets: 
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 “Therefore, no transfer is registered on the blockchain and there is no need to broadcast the transaction to the blockchain network or pay the gas fees associated with such an on-chain transaction.” 
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 Any currency could be used in the system, according to the application. In August, PayPal introduced its own stablecoin, PayPal USD (PYUSD), built on Ethereum. 
 <blockquote class="twitter-tweet"> 
 It’s day one as @PayPal's President and CEO.  I'm fired up to join this team on a powerful mission and with a remarkable history of revolutionizing how millions around the world take control of their financial lives. ​ PayPal team, let’s go change the world! pic.twitter.com/PIZuY8iKn2— Alex Chriss (@acce) September 27, 2023 
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 Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/paypal-applies-for-nft-marketplace-patent-for-on-or-off-chain-asset-trading-tbt64434.html">https://thebittimes.com/paypal-applies-for-nft-marketplace-patent-for-on-or-off-chain-asset-trading-tbt64434.html</a>

PayPal applies for NFT marketplace patent for on- or off-chain asset trading

TheBitTimes

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