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The NFT market is turning around: Google's new policy allows developers to use NFT technology in games

2023-07-14

On the morning of July 13, 2023, Google announced an important policy adjustment that allowed game developers to use NFT technology in Play Store games, bringing positive signals to the NFT market. This measure is undoubtedly a shot in the arm for investors affected by the recent decline in the NFT market. The introduction of new policies indicates that the NFT market has not disappeared.

At the end of 2021, the NFT market began to rapidly heat up, and the popularity of digital collectibles began to explode in the first half of 2022. However, with the bankruptcy of FTX, a large exchange, in the second half of last year, it had an impact on Cryptocurrency and caused NFT assets to lose external attention.

According to the latest analysis data from Dapprader, as of the second quarter of 2023, the total transaction volume in the NFT market decreased to approximately $2.9 billion, a 38% decrease compared to the previous quarter. Meanwhile, data also shows that NFT sales in the second quarter of 2023 were approximately 18.6 million transactions, a decrease of 9.2% compared to the first quarter.

These data indicate that the NFT market is undergoing a certain degree of adjustment and challenge. In the past period, due to market fluctuations and the bankruptcy of the FTX exchange, investors' interest in NFT assets has weakened.

However, even in the face of challenges and adjustments, we can still see enormous potential in the NFT market. As one of the innovative applications of blockchain technology, NFT represents the uniqueness and Scarcity of digital assets.

Kyle, founder of the Cryptocurrency startup, said excitedly: "We are back." Industry insiders also tweeted: "Google allows developers to use NFT in applications and games! Do you think NFT is dead?"

According to a blog post released by Google on Wednesday, it will allow developers to introduce NFTs into games, allowing players to purchase, sell, and earn token based digital assets.

Google's new policy allows developers to use NFT technology in games

Regarding Google's new policy, Joseph Mills, the product manager of Google Play, pointed out that this new change will allow applications and games on Google Play to redefine "content owned by traditional game users" and increase user loyalty through unique NFT rewards.

As part of the policy update, Mills also emphasized that application developers must make their tokenized digital assets transparent, ensuring that players have a clear understanding of the value of NFT when making purchases.

Google Play has developed a set of regulations on real money gambling and game competitions to ensure the healthy development of the platform. According to this regulation, Play involves the transaction of tokenized assets. If developers want to introduce NFT, they must follow these specifications. In other words, developers cannot use NFTs for betting or pledging to obtain opportunities for real-world monetary value prizes. These prizes include randomly generated in-game items such as "trophy boxes".

Usually, in the NFT field, some projects often adopt marketing strategies that make users believe that purchasing these token assets may bring significant benefits. However, Google's restrictions can help some NFT novices avoid being deceived. At the same time, as players, they also need to conduct certain investigations and research before purchasing NFTs. Understanding the value and potential risks behind NFT is crucial. Only when we have a clear understanding of the value of the purchased NFT can we make wise decisions and protect our rights.

In October last year, Apple released a guide to regulate Cryptocurrency transactions on its App Store platform. This guide provides detailed specifications for the use of NFT in applications and games. Google's latest policy shares similarities with Apple's previous measures. Apple and Google both impose high commissions on in app transactions, which has caused dissatisfaction in the Cryptocurrency and game industries. The Cryptocurrency and game industries believe that high commissions limit their ability to develop and obtain reasonable returns. In addition, some people also question whether this regulation is in line with market competition principles.

Looking ahead, Apple may adjust or update its existing NFT policies to better adapt to the development of a blockchain based world. Such adjustments will help Apple gain a greater share in the digital asset field and drive the entire industry towards greater prosperity and innovation.

In summary, the NFT market rapidly warmed up at the end of 2021, but in the first half of 2022, a series of factors led to market adjustments and challenges. According to the latest data, both the total transaction volume and sales volume of NFT have decreased. However, despite facing difficulties, the NFT market still shows great potential.

The policy adjustment announced by Google in July 2023 has brought positive signals to the NFT market. This measure allows game developers to use NFT technology in Play Store games, providing investors with a strong shot. This policy update requires developers to transparently tokenize digital assets and ensure that players have a clear understanding of the value of NFTs.