Google announces new policy for digital assets, NFTs on Play Store amid rising popularity

Tech Giant Google has recently updated its mobile software market policy which can allow application developers to integrate NFTs into their respective games in its app library (Play Store), according to a post by Joseph Mills, Group Product Manager, Google Play. The policy update will ensure that the apps are transparent with users on the tokenised digital assets. Developers will not be able to promote any potential earnings from plating or trading activities. 

How will the new update help blockchain-based applications?

The new change to the Play Store will allow apps and games on Google Play to reconceptualise traditional games with user-owned content and thereby boost user loyalty through unique NFT rewards, the update blog stated.

"As part of the policy update, we’re requiring that apps be transparent with users about tokenised digital assets. If an app or game sells or enables users to earn tokenised digital assets, developers must declare this clearly," Mills said.

"While tokenised assets are meant to build more enriched, immersive experiences, as an added user protection, developers may not promote or glamourise any potential earnings from playing or trading activities," he adds.

Google will also work with industry partners in the future to support blockchain-based applications | Image Credit: Pixabay

Through this change, the company also wishes to prevent the NFT newcomers from being duped into believing that buying the digital assets could help secure massive gains. At present, a select group of developers are working on the testing and trial of the new policy ahead of a complete rollout to all the developers.

Google anticipates that the timing for a complete rollout and the time users will see the in-app gaming experience will be later this summer. Social news aggregator- Reddit has also partnered with Google on the policy update process  as the company has witnessed success from operations in digital assets.

"We partnered with Google to help update their policy, aimed at creating a level playing field that promotes user trust, and responsible usage of blockchain technology. By setting clear guidelines, we can ensure that our users make informed decisions while enjoying immersive experiences." Matt Williamson, Senior Engineering Manager, Reddit said.

In addition to this, Google will also work with industry partners in the future to support blockchain-based applications. Its major competitor, Apple, has been playing cautiously on the digital asset ecosystem by putting additional fees on NFT sales. 

Google's existing policy regarding real money, gambling and contests

According to the Google’s policy, all apps that have not met gambling eligibility requirements cannot accept money for winning assets, including NFTs. Developers in the ecosystem should not offer purchases where there is discrepancy in the value of digital assets.

Google facilitates online gambling in select countries only in accordance to certain restrictions and compliance. It also requires developers to complete the application process before being operational on Google Play through an approved government operator and secure a valid operating license with the details of the online gambling product they wish to offer.