Search engine titan, Google, has recently revised its advertising policy on cryptocurrencies, notably in relation to blockchain-powered non-fungible tokens (NFTs). It will now be permissible to promote NFT-based games. Such games can include a variety of in-game items, like a player’s virtual wardrobe, improved weaponry, or stronger armor, intended to augment a player’s enjoyment. The policy change, effective from September 15, 2023, targets NFT games that refrain from promoting gambling-related content.
However, the online search colossus is maintaining its prohibition on game advertisements where players risk NFTs to earn more digital assets or other NFTs. This prohibition extends to simulated casino games rewarding NFTs and advertisements that support NFT-integrated real money gambling.
Previously, in 2018, Google had imposed a complete ban on crypto-related ads across its platforms, in a bid to protect users from potential harm. “We will proceed with extreme caution”, stated Scott Spencer, Google’s director of sustainable ads. However, 2021 witnessed the partial lifting of this ban, allowing advertisers offering cryptocurrency exchanges and wallets, provided they were registered with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) or a federal chartered bank entity.
The ongoing relaxed attitude towards blockchain-related advertisements signals an increasingly prevalent trend of NFT gaming. Rising numbers of investors are injecting capital into development and esports, advocating for experiences that were previously unattainable. For this new wave of NFT-related gaming advertisers, Google insists they align with its Gambling and Games Policy and attain the appropriate Google Ads certification. Furthermore, advertisers must obey the local laws of the region they are targeting.
Certainly, this policy shift will have global implications, applying to all accounts promoting pertinent products. However, Google remains firm on penalizing violators of the revised policy, with first-time offenders receiving a warning, 7 days at least before a possible account suspension.
While this recent shift may seem like a win for crypto-enthusiasts, one must contemplate the broader implications. The promotion of NFT games may lead to an influx of inexperienced gamers and investors entering the potentially volatile NFT market. Conversely, setting regulatory frameworks could provide investors with more transparency, could also inhibit the decentralized vision underpinning these new technologies. Can we find a balance between protecting consumers and encouraging innovation? Only time will tell.
Source: Cryptonews
