Google allows NFTs into Play Store

Google has revised its software policy to allow developers to integrate digital assets and tokens (like NFTs) into games available on its PlayStore.

In a statement on June 12th, Google Play Group Product Manger Joseph Mills said that the company wanted to be a platform which would "help developers bring innovative ideas to life," while safeguarding users.

As part of the policy update, developers will be allowed to include blockchain-based digital content transactions within apps and games.

However, in line with Google Play’s Real-Money Gambling, Games, and Contests policy, apps that have not met gambling eligibility requirements cannot accept money for a chance to win assets of unknown real-world monetary value, including NFTs.

On the walking the line between safety and development, Mills was quoted saying:

"Like with any emerging technology, we must balance innovation with our responsibility to protect users."

"So, we’ve spoken with developers about responsibly supporting those opportunities while continuing to provide a safe, transparent, and trusted experience.."

The policy update included Google partnering with discussion website Reddit, with Matt Williamson, a Senior Engineering Manager at Reddit saying that the focus of the update was on building user trust and creating a level playing field when it comes to blockchain technology.

While the update is being touted as a 'NFT' policy- it relates to all block chainb based transactions within apps and games.

The distinction is crucial, given that after the NFT all-time high in January 2022 with monthly sales touching $2.8 billion, NFT appeal has significantly declined by 83%, capping at a to a mere $492 million in January 2023.

The value of the block-chain sector on the whole has been on the upwards, with projections of  a CAGR of 59.9% up to 2030.

Alphabet, Google's parent company, too has been steadily increasing investment in the emerging technology.

According to the Blockchain Council, Alphabet and its holdings had invested approximately $8 billion in block chain start-ups between Q1 2021 and Q2 2022, making it the most significant corporate investor in the sector.