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PayPal’s groundbreaking initiative for handling nonfungible tokens (NFTs) transcends conventional boundaries. By recently filing a patent application in March, later published on September 21, PayPal has demonstrated a significant stride towards constructing its independent blockchain ecosystem. This revolutionary system is engineered to facilitate NFT transactions, both on-chain and off-chain, heralding a new era of digital asset exchange. The patent application , although still awaiting approval, outlines a visionary system wherein users engage in NFT transactions via a third-party service provider. While the specific provider remains undisclosed, the application makes mention of Ethereum as a noteworthy platform within its framework. PayPal ’s vision extends beyond the mere exchange of electronic collectibles, aiming to harness the full potential of NFT s for tokenization. In this groundbreaking vision, NFT s represent a diverse range of digital asset s, encompassing...

NFT marketplace Magic Eden believes that lowering the costs in NFT production creates an "easy access point" for new users to try NFTs. Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning digital collectibles. Today we’re releasing support for cNFTs (find them in our popular collections) cNFTs are a new wave of NFT creation only possible on Solana. The "c" stands for compressed (not Cardano don't worry) which allows them to be produced at a fraction of the cost of traditional… pic.twitter.com/WbO4qqWLEt — Magic Eden (@MagicEden) September 14, 2023 cNFTs are different from the usual Solana NFTs because their data are compressed and are stored off-chain. Because of this, production in larger quantities is more feasible as they require lesser fees to mint.  According to Magic Eden, this type of NFT is ideal for the creation of...