Google Play’s latest move to allow blockchain-based digital assets such as non-fungible (NFT) on its platform, is expected to create a huge impact on the NFT-based gaming industry. “This decision might contribute to a 33% (CAGR) growth of the NFT gaming market, which has already started to gain momentum. Experts believe that over 40% of cryptocurrency enthusiasts and investors are ready to invest in the NFT gaming market. However, authorities will need to evaluate the scalability of the market segment and regulate the whole market scenario before the full implementation of this technology,” Bharat Patel, chairman, director, Yudiz Solutions Ltd, a blockchain and AI-based enterprise solution, told FE Blockchain.

The global NFT gaming market size is expected to grow from $5.10 billion in 2023 to $21.61 billion by 2028, at a CAGR of 33.50% between 2023-2028, as per insights from Mordor Intelligence, a market research platform.“The policy upgradation of Playstore to include transaction of blockchain-based digital assets within apps and games on Google Play could be one of the factors to increase adoption of NFT gaming market,” Manish Agarwal, founder, custodian, IndiGG DAO, a Web3.0 gaming platform, explained. However, it’s not clear how will Google apply taxes on these peer-to-peer (P2P) transactions and what impact it can have on the new policy. 

As far as it is understood, the Web3.0 gaming industry has come a long way with NFTs now being converted into real-time rewards. Apart from that, other initiatives such as Spielworks, a blockchain gaming startup, collaboration with Mycelium Network, a Web3.0 platform to launch a program which allows full refunds for non-fungible token (NFT) purchases might help to recover the fall in the value of Ether (ETH) which stands at $1877.56 ( 13 July 2023, 14:57 IST). “Google Play’s new policy will not only promote widespread adoption but can also empower developers and publishers to innovate and leverage tokenised assets, on a day-to-day basis,” Akshay Khandelwal,founder, Bowled.io, a Play-to-Earn social gaming platform, explained. 

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Experts believe that the initiative taken by Google Play can bring in development for the Web3.0 industry in general, including startups which are especially operating in the consumer applications domain. “The adoption of verifiable digital assets by branded platforms such as Google might help to boost the economy and revenue models of growing Web3.0 platforms,” Sumit Ghosh, CEO, co-founder, Chingari, a Web3.0 short video platform, concluded.

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