According to its latest patent filings, the payments giant PayPal is planning to dip its toes into the layer-2 network and non-fungible tokens.
Crypto firms are not sitting idly while they generate substantial revenue in layer-2 networks, metaverse, crypto and NFTs.
PayPal's R&D team focuses on blockchain validation, payments between network layers, and even digital asset recommendation in the metaverse. The financial payments giant is looking into those areas, the company's patent filings show.
Three other patent filings, published on Sept. 21 in the United States, discussed new methods to allow off-chain transitions through non-fungible token marketplaces. They describe a system where users can buy or sell NFTs using a third-party service provider.
Another application describes a 'omnivese', which could be a platform involving multiple metaverses.
The documents showed that PayPal has created 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.
They also describe the concept of an online transaction processor, with the objective of facilitating payments between users and merchants operating on different layers.
As PayPal expands its offerings in crypto, the newly published patent applications surfaced as it expands its portfolio of crypto products and services.
In August, the financial payments giant rolled out its PYUSD stablecoin, the dollar-pegged crypto asset that was issued by the blockchain infrastructure firm Paxos, the same issuer behind BinanceUSD.
PayPal also confirmed its plan to enter the decentralized finance ecosystem last month.