Search engine giant Google (NASDAQ: GOOGL) has updated its policies to allow ads related to blockchain-based non-fungible token (NFT) games.
In an update this week, the world’s largest search engine revealed that it will accept NFT game ads starting September 15.
Google has been a dominant force in global digital advertising for years. The data shows it controls 40% of the market, which is more than double the 18% market share of its nearest rival, Facebook (NASDAQ: META).
The company turned against the blockchain industry in 2018 and Facebook and
The company is now softening its stance on NFT gaming ads. However, it will only allow advertisements for NFT games, allowing players to purchase in-game items, such as virtual costumes for player characters, weapons, or armor with improved statistics, to enhance the user experience or assist users. Can be used in games. In taking the game forward.”
Google still bans ads for games that allow players to stake NFTs for a chance to win prizes. It also outlaws the promotion of ‘real world gambling’ as well as fake casino gambling that offers players the chance to win NFTs.
Games must also comply with the company’s gambling and gaming policy and obtain all required Google Ads certification.
It adds, “As a reminder, we expect all advertisers to follow local laws for any areas targeted by their ads.”
Violation of the terms will result in a warning within seven days and thereafter the account will be suspended.
The policy update will boost the NFT industry at a time when market activity and valuations have declined drastically. NFTs hit record highs in early 2022, boosted by the popularity of collectibles like Bored Ape Yacht Club (BAYC). However, the market declined because most of these NFTs were just JPEGs with no real utility.
NFTs are now moving beyond the hype cycle, with new use cases emerging every other day. Some, like RAD NFTV, are using them to power livestreaming, while others, like Soundoshi, are leveraging them to give music creators new revenue and engagement channels.
Traditional giants are also jumping into the bandwagon; MasterCard (NASDAQ: MA) launched an accelerator program for musicians in April that is only accessible through NFTs.
Check out the new Block Dojo entrepreneurs: NFTs, music and CBDCs
New to blockchain? To learn more about blockchain technology, check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide.