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- 1 Google will start testing NFTs very soon and will most probably allow gaming apps to sell them.
- 2 The crypto markets are abuzz with this news as it brings new possibilities to the fore.
Digital assets are right on their way to becoming ubiquitous. Very soon, video game publishers will be able to sell their non-fungible tokens (NFTs) on Google Play Store. That marks a watershed moment in the history of cryptocurrency. There is still a long way to go in using cryptos for daily needs, but this is still a major development for crypto supporters.
Because it paves the way for many other possibilities for NFTs and other crypto items.
For the uninitiated, NFTs are a form of tokens that get integrated with digital artworks. Using it, one can buy a piece of painting, music, video, or a game. In the last few years, the popularity of non-fungible tokens increased to a great level.
It became quite prevalent among artists, musicians, gamers, and collectors. Yet, NFTs were sold on their dedicated exchanges. They never became a part of the major Play Stores, the ones provided by Google or Apple. Well, that is going to change now soon.
The Big News For NFT
Joseph Mills, the store’s group product manager made this big announcement on July 12, 2023. He said that the platform will update its policies very soon to incorporate NFTs into games and apps. However, the developers will have to prove that the tokens are built and run on a blockchain. Soon after the statement, the crypto markets started cheering about it.
Although, it should be noted that this change does affect the ban implemented on crypto mining apps. Also, Google will not allow any apps that will promote gambling. But still, it’s a positive development that opens so many avenues of possibilities. It will encourage many developers to incorporate NFTs into their applications.
Reportedly, the update will be implemented a little later but within this year. Before total implementation, the platform will run some trials. In the past, Google has dabbled with blockchain-related apps. It collaborated with Reddit for framing the new policy and to roll out its new avatar. According to the announcement, Google wants to promote responsible use of blockchain technology with this new update.
Things That We Can Expect?
Furthermore, it shows that the tech giant doesn’t want to lag behind in the race to embrace crypto. After seeing positive results, Apple may also follow suit. And while the possibilities are infinite, there could be some challenges as well. Apparently, the existing platforms are made to work like a centralized application. The tech organizations didn’t design them for tokenized assets.
To get them to talk to the blockchain, they may have to make some changes to the current structure. However, there could be some ramifications of it too. For example, some unforeseen technical error may pop up and the platforms will have to be ready for it. Another problem is that most countries are working towards drafting the crypto regulations, but they are not implemented yet.
Thus, if the government decides to clamp down on NFTs in the future for any XYZ reason, the Play Stores will be in a fix. But for now, everyone can cherish the news without worrying about the future. Because no matter what happens in the future, the development is quite big for everyone.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
