PayPal to enter the NFT space

After releasing its stablecoin $PYUSD in August, PayPal published 4 patents applications in late September, suggesting the American Payment giant is making significant advancements in the Digital Assets world.

The 1st patent, an NFT purchase & transfer system, aims to facilitate digital assets trading. The Omnibus Wallet is a new custodial service which will stores all users' wallets, and allow them to buy, sell & transfer assets without fees. In addition, it will also enable off-chain transactions through NFT Marketplaces.

The other patents are related to interoperability, aiming to support users in naviguate various blockchain ecosystems, and in particular enabling "multi-layers cryptocurrency conversions" (encompassing both L1s & L2s) as well as generating recommendations for users to acquire Digital Assets in "different Metaverses" they interact with.