Google Store Digitized Assets New Policy: Can it Boost the NFT and Blockchain Gaming Market? In this case, as the content is already in Chinese language, I will provide the English translation for it: "Google Store Digitized Assets New Policy: Can it Bo

Original author: Jordan, PANews

Integrated from Google official, Coindesk

On July 13th, Google "suddenly" announced a major policy change regarding tokenized digital assets on its app store, Google Play. Developers will now be able to integrate NFTs and other digital assets into apps and games on Google Play.

Google stated that with the rapid development of blockchain technology, their goal is to provide a platform for developers to thrive in innovation and create richer, immersive experiences for users. As for the latest policy adjustment, Google will consider blockchain-based content as protected tokenized digital assets. If an application includes blockchain-based content, it must comply with relevant requirements.

Google Play New Policy Details

According to the policy announcement released by Google, the tech giant has introduced a policy regarding blockchain-based content on Google Play. Developers are required to complete an application declaration that enables users to trade blockchain-based digital content (NFT games also have additional requirements to enhance user transparency and security). The policy includes the following four aspects:

1. Cryptocurrency Exchanges and Software Wallets

Purchase, possession, or trading of cryptocurrencies should be conducted through accredited services in regulated jurisdictions.

App developers must also comply with applicable laws and regulations in any region or country/territory targeted by the app, and avoid releasing related apps in places where the product or service is prohibited. Google Play may require additional information or documents regarding compliance with any applicable laws or licensing requirements.

2. Cryptocurrency Mining

Google does not allow applications to mine cryptocurrencies on devices, but allows applications to remotely manage cryptocurrency mining.

3. Transparency Requirements for Tokenized Digital Assets

If the app sells or allows users to earn tokenized digital assets, it must declare it through the financial function declaration form on the app content page of the Google Play Console. When creating in-app products, it must be stated in the product details that the products involve tokenized digital assets, and no potential income obtained from gaming or trading activities should be advertised or glorified.

4. Additional Requirements for NFT Gamification

According to Google Play's policies on gambling, gaming, and contests, gambling applications that integrate tokenized digital assets (such as NFTs) must complete the application process. For all other applications that do not qualify as gambling applications and are not included in other real-money gaming pilot programs, they should not accept or increase anything of monetary value in exchange for the opportunity to obtain "value-unknown NFTs". NFTs purchased by users should be consumed or used in the game to enhance the user's experience or help the user progress in the game. NFTs should not be used for betting or pledging in exchange for the chance to win real-world currency value prizes (including other NFTs).

Under this clause, Google lists two examples of violations:

• An application that sells bundled NFTs without disclosing the specific content and value of the NFTs.

• A paid social gambling game that offers reward NFTs, such as slot machine-like apps.

Can Google's adjustment of the app store's digital asset policy boost the NFT and blockchain gaming market?

Google Play group product manager Joseph Mills stated that under Google's new policy, partners will be able to reimagine traditional games of "user-owned content" and increase user loyalty through unique NFT rewards. It is worth mentioning that Reddit is one of the partners who helped develop the new policy for Google. The social media giant has previously achieved great success through Avatar NFTs. According to the latest data from Dune Analytics, there are a total of 13,172,700 Reddit Collectible Avatar NFT holders, with a total of 17.09 million Reddit Collectible Avatar NFTs minted, valued at over $56 million.

Reddit's Senior Engineering Manager Matt Williamson admits that Google's updated digital asset policy will create a fairer competitive environment and promote responsible and trustworthy use of blockchain technology by users. In fact, user trust is very important for the "fragile" crypto industry. According to Google's regulations, while tokenized assets are designed to create a richer and immersive experience, as an additional user protection, developers are not allowed to promote or glamorize potential earnings from gaming or trading activities. This means that non-compliant applications cannot promote the purchase of in-game items like "loot boxes" to have a chance to win NFTs.

Overall, Google's move indicates a shift in their attitude towards Web3. After all, Google's policies for blockchain-based applications have been criticized by the crypto community for quite some time, and even considered a "black box". For example, games like "Bitcoin Blast" were removed from the Google Play Store in 2021 without any clear explanation.

However, now Google seems to be reconsidering its attitude towards cryptocurrencies - in 2022, Google Play has relisted the decentralized data storage application ArDrive Mobile, and later allowed Axie Infinity: Origin to appear in selected Google Play markets. In April of this year, Google Cloud also launched the "Google for Startups Cloud Program" and opened it to Web3 industry builders. Qualified projects from the Pre-Seed round to the Series A round will be able to apply for this program, which includes up to 200,000 US dollars of Google Cloud credits within two years, as well as other technical support to help Web3 developers accelerate their entrepreneurship.

There is no doubt that Google's new policy on digital assets will boost the sluggish cryptocurrency market, especially the NFT market. It is reported that the new policy will be fully launched later this year, and the follow-up effects are worth paying attention to.