Google Changes NFT Policy For Play Store According to reports, Google's new Play policy will make it easy to transact blockchain-based content in apps and games. It will help developers boost user loyalty through NFT rewards and reimagine traditional games with user-owned content
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Google has updated its Play policy to allow the integration of tokenized digital assets like non-fungible-tokens (NFTs) into apps and games, in order to improve the web3 content offered on Google Play. The announcement was made by Google Play's group product manager Joseph Mills.
Earlier, Google has been criticized for its strict approach towards blockchain-based content. According to reports, Google's new Play policy will make it easy to transact blockchain-based content in apps and games. It will help developers boost user loyalty through NFT rewards and reimagine traditional games with user-owned content.
In a blog post published Wednesday, Alphabet Inc.'s Google said it will allow developers to offer games where players can buy, sell and earn tokenized digital assets—like non fungible tokens—subject to specific guidelines.
In the light of these announcements, key industry players have shared their viewpoints via social media platforms. Manush Agarwal, founder and custodian of IndiGG DAO, has tweeted that, "It could be one of the most significant milestones in accelerating adoption of web3 game and game NFTs. 2024 will be super exciting with amazing games getting released on Google Play. It is still not clear on how Google tax will apply on p2p transactions."
"Google play store's decision to officially allow NFT games will have a huge impact on the mobile gaming industry. This decision will contribute to the 33% CAGR of the NFT gaming market, which was already starting to gain momentum. It has been witnessed that more than 40% of crypto enthusiasts and investors are ready to invest in the NFT gaming market. Of course, the authorities will need to properly evaluate the scalability of the market segment and regulate the whole market scenario efficiently for the users," Bharat Patel, chairman and director, Yudiz Solutions Ltd, commented on the development.
With the policy update, Google reportedly aims to enhance creative in-app experiences and help developers expand their business. Also, for additional user protection, Google has prohibited developers from promoting or glamorizing "any potential earning from playing or trading activities."
Apps should also be in line with Google Play's Real Money Gambling, Games, and Contests policy. If not, they will not be allowed to accept money for a chance to win assets of unknown monetary value, added the media reports.