PayPal looks to enter metaverse and NFTs with patent filings

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PayPal looks to enter metaverse and NFTs with patent filings

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

Crypto firms aren't sitting idly while they generate substantial profits in layer-2 networks, metaverse, crypto and NFTs.

The R&D team at PayPal is primarily focused on blockchain validation, payments between network layers, and even digital asset recommendation in the metaverse. These are just some of the areas the financial payments company is looking into, according to its patent filings.

Three other patent filings, released on Sept. 21, mentioned new methods to allow off-chain transitions through non-fungible token marketplaces. They talk about a system where users can buy or sell NFTs using a third-party service provider.

A third application shows a 'omnivese', which could be a platform encompassing multiple metaverses.

The documents revealed that PayPal has built an 'online transaction processor' that would provide advice to users based on their blockchain references, including the kind of metaverse they interact with the most.

The goal of an online transaction processor is to facilitate payments between users and merchants operating on different layers.

The new patent applications surfaced as PayPal expands its portfolio of crypto products and services.

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 confirmed its intent to enter the decentralized finance ecosystem last month.