Discover the latest crypto-related news from Google as NFTs find their way into Google Play wallets.
Another intriguing piece of crypto-related Google news is the adoption of NFTs in Google Play wallets, following Google Cloud’s support for Bitcoin.
The information was posted on the official blog for Android developers in an article titled “Enabling New Blockchain-Based Experiences on Google Play.”
Support for Google Play and NFTs in wallets
The Google Play store is the distribution channel for Android apps.
It has regulations that, like on the Apple Store, effectively restricted app developers from incorporating cryptocurrency services other than those offered by industry actors, like exchanges, until recently.
Google Play claims that these restrictions have been updated and partially removed as of yesterday’s article.
In fact, they formally declare that they are modifying their policies to make it possible to buy and sell blockchain-based digital content in games and applications in new ways.
They specifically highlight customer loyalty through NFT rewards as an illustration, stating that they are so delighted to see innovative in-app experiences blossom that they want to support developers in growing their businesses using these new technologies.
Also they mention that there are already many blockchain-related apps available on Google Play, but they also know that their partners are eager to expand these options in order to produce more interesting digital experiences using tokenized digital assets like NFTs.
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 for everyone.
The shift in perspective
This can be considered a change in mindset from being exceedingly cautious to being cautious. It might not seem like much, but if it is followed by genuine digital asset integrations within well-known apps, it might represent a sea change.
For instance, as long as the makers make this openly and abundantly clear, apps, and especially games, will be permitted to sell or enable users to gain tokenized digital assets.
Because NFTs are ideal for inclusion within online digital games as tradeable collectibles or as rewards for players, this simple opening might represent a mini-revolution.
Additionally, according to the official statement, they are in discussions with business partners to strengthen support for blockchain-based apps overall, particularly in domains like secondary marketplaces.
The potential fusions
All of this shows that the current opportunity is simply the first in a line of potential opportunities that might ultimately result in the incorporation of cryptocurrencies into applications like Google Pay.
For instance, Reddit’s Senior Engineering Manager, Matt Williamson, is quoted precisely in the statement as saying that Reddit supports a responsible approach to blockchain-based digital content, such as collectible avatars.
Reddit, which has had great success with its own NFT Avatars, is one of the partners that has been working with Google over such a Google Play policy amendment.
The potential for so-called “Play-to-Earn,” or the capacity to allow game users to make money while playing games, appears to be the one that is most promising for these kinds of integrations.
The potential here is theoretically virtually limitless, not least because the market for digital games is already very substantial.
It should not, however, end there. In fact, additional integrations may be encouraged in the future by additional policy changes in addition to those made feasible by the current policy change.
Now that crypto tools may produce revenue for app users, the switch from NFTs to fungible tokens seems less significant. Crypto exchanges and non-custodial crypto wallets have apps.
Everything appears to be in place for the integration of crypto wallets into essentially any app, or at the very least, for the interoperability of all crypto wallets and apps.
Currently, crypto transactions between applications may potentially overtake fiat currency transactions in the future because to their lower technical complexity and ability to support micropayments.
It looks like the path has been prepared. Now, all that is left to do is determine who will set out on it.