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PayPal is further extending their cryptocurrency/Web3 efforts into the Non-Fungible Token (NFT) market. An NFT in the PayPal patent filing includes references to “digital art, deeds to property, and even legal documents” – having broader implications than even the ever-growing digital collectors concept. Their September 21st filing has acknowledged daemons, governing tokens and exchange transactions are prime targets for a dedicated NFT marketplace.
Beginning last year, PayPal began offering its customers more crypto options than ever before. From buying, trading, and cashing out–to recently rolled out Checkout with Crypto services last month–it should come as no surprise the global payments giant is taking notice of the potential that NFTs possess.
Recent data in the NFT sector indicates that 95% of owned NFTs today are now worthless–a highly polarizing reality for the underlying market conditions. Fortunately, with giant backing from PayPal, professionals believe more vendors and product will drive accelerated flow from traditional to digital.
The NFTs by PayPal might be hosted by digital brokers and wallet service providers which won’t necessitate transfers onto the blockchain and won’t be subject to transaction gas costs. This filing opens up the opportunity of on and off-chain trading, expanded personal and real estate property mindsets, insurance for legal processes much more assets to revolutionize marketplaces at an unprecedented rate.
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