Google Play Store to Enable NFTs, Boost Digital Collectible Market

Google Play Store to Enable NFTs, Boost Digital Collectible Market

Google has announced that it will enable developers to incorporate non-fungible tokens (NFTs) within apps and games available on the Play Store. This significant policy update opens up new avenues for users to earn and transact with digital collectibles, potentially revitalizing the NFT market.

Google Plans Amendment of  App Store Policy 

Google has revealed its plans to introduce an amendment to its app store policy, paving the way for seamless integration of blockchain-based digital content. With this update, developers will have the opportunity to offer users enticing rewards and loyalty programs centered around the acquisition and trading of NFTs.

"Google Play hosts a variety of blockchain-related apps, and we know that our partners are enthusiastic about expanding their offerings and creating more immersive digital experiences by leveraging tokenized digital assets such as NFTs," stated Google in an announcement on Wednesday, highlighting the potential for innovative in-app interactions that will help developers thrive.

Google added:

"We’re excited to see creative in-app experiences flourish and help developers expand their businesses."

Google to Ensure Safe User Experience 

While embracing NFTs, Google remains committed to ensuring a safe user experience with tokenized digital assets. This involves transparently informing players about the value of an NFT at the time of purchase and discouraging the promotion of potential earnings derived from playing or trading activities.

Google has pledged to continue supporting developers in their pursuit of building sustainable businesses utilizing blockchain technology. Enhancing support for blockchain-based app experiences aligns with Google's plans, demonstrating their dedication to fostering growth in this exciting domain.

Can Google Revive the Fading NFT Market?

The NFT market experienced a downturn during the recent crypto winter. However, Google's forward-thinking policy update is expected to breathe new life into the fading market. According to Cryptoslam, a blockchain data provider, global sales volumes of NFTs were down by 38% in June compared to the same period last year, as reported by Bloomberg.

Google has taken steps to clarify its rules surrounding non-fungible tokens, which will come into effect on December 7th. This development follows Apple's introduction of new guidelines on crypto trading and NFT usage in apps and games in October 2022. In a related move, Meta, the parent company of social media platforms Facebook and Instagram, announced in mid-March 2023 that it would wind down support for digital collectibles on its platforms due to turbulence in the crypto space.

It remains to be seen how Google's integration of NFTs will impact the market, but it is undoubtedly a step in the right direction. Get ready to embark on an exciting journey into the world of digital collectibles!

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