Global fintech company PayPal files for NFT and Metaverse patents

A few months after PayPal’s top executives expressed their confidence in the future of blockchain technology, the global fintech has expressed interest in investing in the Metaverse industries and the NFT.

In an Oct. 25 blog post, Intellectual Property Attorney Mike Kondoudis confirmed that PayPal filed two trademark applications with the United States Patents and Trademark Office (USPTO) on Oct. 18 related to NFTs and Metaverse.

PayPal joins the Metaverse

The fintech firm hinted at continuing to invest in the Metaverse during the CoinDesk Annual Consensus in June. At the time, Jose Fernandez da Ponte, manager of the blockchain at PayPal, said that he was optimistic about the future of blockchain technology. He said they would build a bridge between the fiat and crypto universes. Consumers would have access to the broader Web3 network through their PayPal wallets.

During the same conference, PayPal CEO Dan Schulman stated that blockchain technology was slowly reshaping the future of their financial system.

The top executive added that adding intermediaries to allow users to move funds cheaper and faster might offer a more inclusive future.

According to Kondoudis, PayPal is planning to develop downloadable software to buy, sell, and store digital assets, software to manage and validate digital assets, and downloadable software that serves as digital assets.

PayPal to build an NFT marketplace

Other cryptocurrency projects include creating downloadable software that will enable the transfer of digital currency, virtual currency, blockchain assets, stablecoins, and utility tokens between parties. In addition, PayPal plans to offer payment services for digital assets.

 It’s not the first time that PayPal has expanded its crypto industry roots. Earlier this year, a new “Checkout with Crypto” feature was launched which allows the users to pay with crypto when shopping online.

In early June, PayPal started allowing the users to transfer digital assets such as Ethereum, Bitcoin, and Litecoin onto PayPal’s platform to external crypto addresses, including exchanges, hardware wallets, and family and friends on PayPal, for free.