FameEX Hot Topics | Google Embraces NFTs, Allowing Their Integration in Apps and Games on the Play Store

Google has announced a significant update to its app store policy, enabling developers to incorporate blockchain-related content and support non-fungible tokens (NFTs) in Android apps. The move is expected to rejuvenate interest in the NFT market by allowing users to earn and transact with digital collectibles.

In an official statement, Google revealed that it is "opening new ways to transact blockchain-based digital content within apps and games." Developers will now have the ability to offer users opportunities to earn and trade NFTs as part of loyalty and rewards programs. This update aims to create more engaging and immersive digital experiences with tokenized digital assets, such as NFTs.

Acknowledging the existing presence of blockchain-related apps on Google Play, the tech giant expressed excitement about the potential for innovative in-app experiences and the opportunity to help developers expand their businesses. However, Google emphasized the importance of ensuring a safe user experience with tokenized digital assets. Developers will be required to inform players about the value of an NFT at the time of purchase and avoid promoting potential earnings from playing or trading activities.

Additionally, Google pledged ongoing support for developers in their efforts to build sustainable businesses utilizing blockchain technology. The company plans to further enhance its support for blockchain-based app experiences, reinforcing its commitment to fostering a thriving ecosystem for digital innovation.

The NFT market has experienced a decline in popularity during the recent crypto winter. However, Google's new policy is anticipated to revive interest in NFTs. According to Cryptoslam, a blockchain data provider, global NFT sales volumes in June 2023 were down by 38% compared to the same period the previous year, amounting to $653 million.

Google's clarification of rules for NFTs will come into effect on December 7. This update follows Apple's introduction of guidelines on crypto trading and NFT usage within apps and games in October 2022. Earlier this year, Meta (formerly known as Facebook), the owner of social media networks Facebook and Instagram, announced the gradual discontinuation of support for digital collectibles on its platforms due to the volatility in the crypto space.

With Google's decision to embrace NFT integration in Android apps, developers and users alike can look forward to more diverse and interactive experiences, while potentially breathing new life into the NFT market.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.