The document details a system in which users can buy and sell non-fungible tokens (NFTs) through a third-party service provider. And although the provider itself is not specified, Ethereum is mentioned in the text. The application also details how to conduct transactions with NFTs.
PayPal intends to harness the full potential of NFTs for tokenization, going far beyond exchange.
“An NFT can be any unique piece of digital data that can be tracked using a distributed ledger. Examples of such assets include digital images and videos, music, collectibles and other digital art, as well as personal property documents, event tickets and legal documents,” the filing states.
PayPal continues to expand its cryptocurrency services. The company recently announced that users will now be able to convert digital assets into US dollars and withdraw them to their accounts.
PayPal added support for cryptocurrencies back in 2020 and has since continued to expand its presence in the digital asset space. In August, the company introduced its own stablecoin, PYUSD.
Source: Bits
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