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Google allows NFTs into Play Store

Google has updated its app store policy, and now the NFTs can come out to Play...

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.