PayPal has taken important steps to establish its own blockchain ecosystem. First, the international payments system launched its own stablecoin, PYUSD. Now, it has filed a patent to facilitate nft purchases and transfers through an intriguing, royalty-friendly marketplace.
The patent, filed six months ago in March but published last week on September 21, states that PayPal’s nft marketplace will feature a unique method of executing nft transactions both on-chain and off-chain using any currency.
PayPal’s nft Marketplace Ambitions
What sets PayPal’s nft marketplace apart from other exchanges is a system that allows users to participate in nft transactions through a third-party service provider and fully unlock the potential of virtual assets for tokenization through governance tokens. Additionally, the assets will represent a wide variety of digital data, tracked via a decentralized blockchain ledger, including digital images, music, videos, art, collectibles, event tickets, legal documents, and even physical rewards, among others.
A DAO partnered with the service provider is also rumored to be employed to increase nft liquidity through the platform. On top of that, NFTs will generate ongoing revenue for rights holders and creators through royalty provisions built into smart contracts. By utilizing both DAO and royalties, the ecosystem ensures equity and sustainability within the platform.
On top of that, to eliminate transmitting transactions on the chosen blockchain network and paying gas fees associated with payments, users are not required to use their blockchain wallets (but can if they prefer). Alternatively, off-chain transactions can be monitored through the ‘omnibus wallet’.
Although an exact launch date for PayPal’s nft marketplace has yet to be announced, it is clear that the financial titan is looking to create a more sustainable and inclusive nft ecosystem through which investors, creators and users can freely thrive on and off the platform. chain.
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