Does PayPal Create an NFT Marketplace After Trademark Filing?
PayPal has filed a trademark application related to crypto and blockchain technology. The filing may be related to an NFT marketplace, with some saying it has to do with Web3 and the metaverse.
A new trademark registration from PayPal has been spotted, and it hints at the creation of a service related to several aspects of blockchain technology. The filing, made on October 18, specifically hints at the possible launch of a non-fungible token (NFT) marketplace.
PayPal made two trademark applications for its logo. The first relates to “downloadable software” for trading and storing cryptocurrencies. The second deals with payment processing services related to cryptocurrencies.
PayPal already allows users to buy cryptocurrencies on its platform, but this filing hints at something further. The language used in the filing covers a much broader definition of assets. USPTO Licensed Trademark Attorney Mike Kondoudis so on Twitter that this submission is related to NFTs and the metaverse.
Although there is no confirmation that this is the case, it would not be surprising if it were. The fintech company will join a long list of companies beginning to launch efforts in the Web3 and metaverse space.
PayPal is getting deeper into crypto
PayPal has increased its focus on crypto over the past two years. First, the company announced that it would allow users to buy crypto on its platform, which was big news for the market.
But only recently did it start allowing users to transfer these funds to wallets outside the platform. Late last year, it announced that it would be introducing new crypto-related features. Perhaps an NFT marketplace could be one of those additions.
More recently, it partnered with Coinbase’s TRUST network. Many saw this as a validation of the industry. The TRUST network complies with the banking industry’s travel rules while protecting customers’ security and privacy.
Criticism of the payment giant
PayPal has also been in the news for all the wrong reasons. The company was recently criticized for a controversial policy that would have fined users for spreading misinformation. It later said the updated policy was released with incorrect information. However, crypto enthusiasts were quick to use this as an example of why decentralization was important.
Earlier this year, PayPal also created an advisory council for cryptocurrency and blockchain technology. The company’s executives said it was important to engage with authorities to navigate challenges and make the most of opportunities.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
