The market for cryptocurrency and non-fungible tokens (NFTs) is growing at an exponential rate with even major companies like Google recognizing its significance. As per Google’s recent announcement on the update of its cryptocurrency advertising policy, it will be allowing the advertisement of blockchain-based NFT games advertisements provided they meet certain criteria. This feature will start from the 15th of September, 2023, and is based on the criteria that the company should not be promoting gambling or gambling services. This announcement comes as an evolution to the changing landscape of cryptocurrency advertising and is received with enthusiasm by the NFT gaming community.
NFT Gaming Revolution
Non-fungible tokens or NFTs are making headlines in the digital world as unique digital assets that are mostly associated with arts, collectibles, and virtual real estate. It has also found its own unique application in the gaming sector. NFT games are quite similar to traditional video games where the players can sell, trade, and purchase items using the in-game currency. However, the earning model associated with these NFT games allowing the players to transfer their earnings and players with cryptocurrency has intrigued the gaming as well as the non-gaming community.
Google’s Updated Cryptocurrency Advertising Policy
Google recently announced an update in its cryptocurrency advertising policy permitting the advertisement of blockchain-based NFT games. According to Google’s blog post, this change will be implemented from the 15th of September and will not allow the companies to promote gambling or gambling services. This would mean that the new policy would continue to ban advertisements for those games that allow the players to wager or stake NFTs against other players or for rewards. NFT casinos and other social betting games where the players compete for prizes like NFTs, cryptocurrency or cash will also be banned. In order to promote gambling-related content tagged with NFTs, developers, and publishers are required to comply with Google’s Gambling and Games policy and obtain the necessary Google Ads certification.
They further state that NFT games which permit the users to purchase in-game items like virtual apparel, weapons or armor to be used in the games, enhance the player’s gaming experience and help them advance the game.
Google’s Advertising Ban Record
The company has been diligent in banning promotional content that does not adhere to its policy. The Director of Sustainable Ads at Google, Scott Spencer, stated that the company has seen ample consumer harm or potential for consumer harm and would approach cryptocurrency-related content with extreme caution. As per the reports from CoinTelegraph, Google banned several cryptocurrency-related ads in March 2018 without giving an indication of whether these bans are permanent or will be reviewed later. In June 2021 they relaxed the ban on some companies permitting the advertisement of cryptocurrency-related exchanges and wallets targeting the United States. However, this was subject to the condition that the companies must be registered with the US Financial Crimes Enforcement Network as a money services business or a federal or state-chartered bank entity.
Google’s decision to permit the advertisement of NFT games while maintaining a strict check on gambling-related content demonstrates its intention to encourage responsible innovation in the crypto and NFT space. This also highlights a broader shift in the acceptance of blockchain technology, identifying its potential to revolutionize the world.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
