Google Play Store to allow NFTs, tokenised digital assets in Android apps
As part of a new policy update, Google said apps need to be transparent with users about NFTs and tokenised digital assets. This emphasis on transparency aligns with the industry's push for clearer guidelines and disclosures regarding NFTs.
On Wednesday, Google announced an update to its mobile software marketplace policy, allowing app developers to integrate non-fungible tokens (NFTs) into their games on the Google Play Store.
The policy update requires developers to be transparent with users about the presence of tokenised crypto assets in their apps.
In an official blog post, Google stated, "As part of the policy update, we're requiring that apps be transparent with users about tokenised digital assets." This emphasis on transparency aligns with the industry's push for clearer guidelines and disclosures regarding NFTs.
Further, developers are prohibited from promoting or glamorising any potential earnings derived from playing or trading activities associated with these crypto assets. The intention is reportedly to ensure users are well-informed about the nature and implications of NFTs within mobile games.
Manish Agarwal, Founder of IndiGG DAO, said, "[This] could be one of the most significant milestones in accelerating the adoption of Web3 games and game NFTs. 2024 will be super exciting with amazing games getting released on Google Play. However, it is still not clear how Google will apply tax on P2P transactions."
Earlier this year, Google had indicated its interest in exploring changes to its Google Play Store policies to facilitate the addition of NFTs to Android games.
Now, the tech giant has revealed its new rules, and the full implementation of these policies is expected by the end of the year.
Presently, Google is working with select developers only for integrating NFTs. Later this year, it plans to allow all developers to create games in accordance with its new crypto-gaming policies.
Bharat Patel, Chairman and Director of Yudiz Solutions, said, the decision could "have a huge impact on the mobile gaming industry."
"This decision will contribute to the 33% CAGR of the NFT gaming market, which was already starting to gain momentum. It has been witnessed that more than 40% of crypto enthusiasts and investors are ready to invest in the NFT gaming market."
In contrast to Google's approach, Apple's App Store has historically taken a more restrictive stance on NFTs and cryptocurrencies. Developers are permitted to utilise NFTs within iOS games and apps, but Apple still applies a 30% commission.
Edited by Suman Singh