Google has just revised its mobile software marketplace policy to allow video game publishers to integrate digital assets like non-fungible tokens (NFT) into their games through its Play Store app.
NFT prices have been crashing for quite some time now, with popular blue chip projects such as Cryptopunks, Bored Apes Yacht Club, Mutant Apps and Azukis plunging more than 60%. Meanwhile, the NFT trading volume has also dropped significantly. Over the past 30 days, total daily secondary trading volume has dropped by 55% from $22 million to a meager $10 million.
According to data from Dune, the number of unique buyers and sellers in the digital collectibles market is down in the lower hundreds and continuing to decline. In the thick of this prolonged NFT winter, Dapper Labs laid off dozens more employees. Furthermore, Sotheby’s, a legacy auction house, slashed multiple senior staffers and NFT specialists owing to the turbulent digital artworks market.
Google Play Store Opens Door to NFTs
Despite the adverse trend, several tech firms have continued to double down efforts to increase their presence in the NFT space. On July 12, Joseph Mills, Group Product Manager at Google Play, published a blog post, revealing that Google has decided to allow developers to expand the ways nonfungible tokens can be used in their games on the Play Store.
Google Play has just announced a couple of new policies. Here's a summary of what they announced 🧵 pic.twitter.com/pk2XLxQUAq
— Mishaal Rahman (@MishaalRahman) July 12, 2023
As per the post, developers must clearly state if a game allows users to earn or buy NFTs or cryptocurrencies. In addition, game developers are not allowed to “glamorize any potential earning from playing or trading activities,” nor can they sell loot boxes or otherwise allow players to gamble. It means apps that aren’t in line with Google Play’s Real-Money Gambling, Games and Contests policy or fit eligibility requirements also can’t accept money for chances to win assets, including NFTs.
Mills clarified the updated guidelines were developed in close consultation with the app and game developers in an effort to push the Web3 gaming space towards greener pastures. It seems Google’s latest move to clarify its policies aligns the tech juggernaut with main rival Apple Inc., which introduced new App Store guidelines in October on crypto trading, as well as on the use of NFTs within apps and games.
Policy Change to Boost NFT Adoption
Numerous gaming start-ups and developers see the changes in Google’s policy as a positive sign in the dwindling NFT space. They believe this would further bolster the Web3 gaming sector as well as digital artworks could be used in the gaming world to provide users with an immersive experience and let players own and transfer digital assets. Commenting on the policy change, John Linden, CEO at Mythical Games, said,
“We appreciate Google’s partnership in this collaborative effort to bring about innovation in this space and move these new economies forward. We think these new policies are steps forward for both players and developers alike and will positively impact the adoption of new technology while also protecting consumers.”
Global Firms Continue to Tap NFTs
Not only Google, but numerous big brands are also increasingly ramping up efforts to mark their presence in the digital collectibles space. As reported by Crypto-Economy, on July 5, Coca-Cola’s Serbian division, Coca-Cola Srbija announced a partnership with Solana-based NFT platform SolSea to offer digital merchandise, including Coca-Cola Serbia-branded NFTs.
1/ We can finally announce our inaugural core collection, co-created with generative artist @harmvddorpel and art collectors @FingerprintsDAO. We’re excited to work with giants in this space and would like to share what “Maschine” is all about 🧵 pic.twitter.com/9iOFUxefpr
— Mercedes-Benz NXT (@MercedesBenzNXT) May 30, 2023
Moreover, earlier this year, leading brands such as Nike, Mercedes Benz, Gucci, Budweiser, and McLaren among many others invested in NFTs to boost their brand value and increase their customer base in the digital world. In addition, digital artwork use cases have also skyrocketed over the past few months with airline carriers and music shows rolling out NFT-based tickets. NFTs are also bringing a new level of transparency, security, and ownership rights to the real estate industry.
