PayPal looks to enter metaverse and NFTs with patent filings

PayPal looks to enter metaverse and NFTs with patent filings

According to its latest patent filings, the payment giant PayPal is looking to dip its toes into layer-2 network and non-fungible tokens.

The firm is not sitting idly while crypto companies generate substantial profits in layer-2 networks, metaverse, crypto and NFTs.

In the metaverse, PayPal's R&D team is reportedly focused on blockchain verification, payments between network layers, and even digital asset recommendation in the metaverse. The financial payment giant is looking into such areas, according to its patent filings.

Three patent filings, published on Sept. 21 in the U.S., identified new ways to allow off-chain transitions through non-fungible token marketplaces. They describe a system where users can purchase or sell NFTs using a third-party service provider.

Another application talks about an 'omnivese', which could be a platform encompassing multiple metaverses.

The documents show that PayPal has constructed an 'online transaction processor' that would offer recommendations to users based on their blockchain references, including the kind of metaverse they interact with the most.

A transaction processor is a concept that aims to facilitate payments between users and merchants operating on different layers.

The pending patent applications were revealed as PayPal expands its crypto offerings.

In August, the financial payments giant rolled out its PYUSD stablecoin, the dollar-pegged crypto asset issued by the blockchain infrastructure firm Paxos, the same issuer behind BinanceUSD.

PayPal also announced its intent to enter the decentralized finance industry last month.