Google Updates Advertising Policy to Support NFT Games and Cryptocurrency Content
Google has announced significant changes to its advertising policy that will allow for greater promotion of Non-Fungible Token (NFT) games and selected cryptocurrency content. These updates, set to take effect on September 15, mark a departure from Google’s previous ban on all cryptocurrency-related advertising. However, developers, publishers, and companies must meet specific criteria outlined by Google in order to run ads on the platform.
Under the updated policy, developers and publishers must adhere to Google’s Gambling and Games policy when promoting NFT games with gambling-related content. Ads for games that involve wagering or staking NFTs will continue to be prohibited, as Google aims to protect consumers. Scott Spencer, the director of sustainable ads at Google, expressed concerns about potential harm to consumers in gambling-related NFT games, which led to the ban in March 2018.
Nevertheless, Google acknowledges the potential of NFT games in enhancing the user’s gaming experience, leading to a change in its stance. NFT games that allow players to purchase in-game items, such as virtual apparel, weaponry, or armor, will now be permitted. These items enhance the gaming experience and make it more immersive and enjoyable for players.
To advertise NFT games or cryptocurrency content, developers, publishers, and companies must meet specific requirements. They must be registered with the United States Financial Crimes Enforcement Network and classified as a money services business or a federal/state-chartered bank entity. Additionally, they must obtain the appropriate Google Ads certification to ensure compliance with advertising standards and regulations. These measures aim to create a safe and trustworthy environment for users engaging with NFT games and cryptocurrency content.
Google’s decision to update its cryptocurrency advertising policy demonstrates its recognition of the potential in this emerging market. With the increasing popularity of NFTs and the growing number of individuals using cryptocurrency exchanges and wallets, Google understands the need to adapt its policies to accommodate these developments. Consequently, some companies creating cryptocurrency exchanges and wallets can now advertise on the platform, reaching a wider audience.
It is important to note that the new policy does not apply to all NFT games and cryptocurrency content. Google has established specific criteria for games eligible for advertising, ensuring compliance with responsible gaming practices and protecting users from potential harm associated with gambling. By implementing these restrictions, Google aims to strike a balance between innovation and consumer protection.
Google’s updated advertising policy showcases the company’s evolving approach to the dynamic world of NFTs and cryptocurrencies. The changes reflect a recognition of the potential benefits these technologies offer, while also emphasizing the importance of responsible advertising and consumer protection. By implementing stricter guidelines for gambling-related NFT games and allowing selected cryptocurrency-related content, Google aims to provide a safer and more transparent advertising environment for users.
These updates will have a significant impact on the NFT gaming and cryptocurrency industries. Developers, publishers, and companies involved in these sectors now have the opportunity to reach a broader audience through Google’s advertising platform. Simultaneously, users can expect more diverse and engaging gaming experiences, with the ability to purchase and enhance their in-game items.
As the September 15 deadline approaches, developers, publishers, and companies must familiarize themselves with the updated policy and ensure compliance to take full advantage of the advertising opportunities provided by Google. The tech giant’s decision to embrace this evolving market not only reflects its commitment to innovation but also its recognition of the immense potential offered by NFT games and cryptocurrencies.
In a world where digital assets are gaining increasing prominence, Google’s updated advertising policy sets a precedent for other platforms to follow. As the landscape continues to evolve, it is essential for companies to adapt and embrace these new technologies responsibly, ensuring a safe and enjoyable experience for all users.