PayPal announces multiple patent applications, focusing on areas such as NFTs, the metaverse, and Layer 2 payments

ChainCatcher news, according to Blockworks, based on a recently published series of patent applications, the Layer2 and NFT sectors seem to be the focus of PayPal's R&D efforts.

Since September 21, PayPal has published three patent applications:

One of the patent applications proposes a so-called new "method and system" to facilitate off-chain transactions through the NFT market.

Another application mentions the concept of a "metaverse," suggesting a product that handles multiple metaverses. PayPal states that it has developed an "online transaction processor" that can provide recommendations on which digital assets users should purchase based on their blockchain preferences and the metaverses they interact with most frequently.

The third application describes another conceptual "online transaction processor." The goal of this processor is to facilitate payments between users and merchants operating on different network layers (L1 and L2) in a more efficient manner.