Google Announces Approval of NFT Game Ads, Metaverse Buzz Grows in Asia: Nifty Newsletter

Google Updates Crypto Ad Policy to Allow NFT Game Advertisements

Google has made an update to its crypto ad policy, allowing games featuring nonfungible tokens (NFTs) to advertise and promote themselves on its platform. The new policy, which will come into effect on September 15, will permit NFT games that let players purchase in-game items, such as weapons or armor, that enhance the user experience. However, games that involve staking NFTs or wagering assets for rewards like cryptocurrency or other NFTs will still be prohibited.

This move by Google reflects the growing popularity and significance of NFTs in the gaming industry. NFTs have revolutionized the art world and are now making their way into the gaming market as well. By allowing NFT game advertisements, Google is acknowledging the potential of this emerging technology and providing a platform for developers and players to engage with NFT-based games.

Developer Steals $1 Million in Assets from Milady NFT Collection

The Milady Maker project, an Ethereum-based NFT collection, has been exploited by a developer within its ecosystem who managed to steal $1 million in generated fees from Remilia, the decentralized autonomous organization (DAO) behind Milady. Charlotte Fang, a co-founder of the collection, has announced that they have identified the individuals involved in the attack and will pursue legal action against them. The goal is to recover all stolen property.

This incident highlights the vulnerability of digital assets and the need for robust security measures within the NFT space. As NFTs continue to gain popularity and value, it is crucial for developers and collectors to prioritize security to protect their assets from potential theft and exploitation.

CNA Insurance Excludes NFTs from Coverage of $20 Million Trust Policy

CNA Financial, a US-based commercial insurer, has excluded coverage for nonfungible tokens (NFTs) from a $20 million policy. In a Securities and Exchange Commission (SEC) filing, CNA Financial attached an exclusion to the document regarding Schwab Strategic Trust’s policy. The exclusion specifies that the bond will not cover damages, losses, or lawsuits related to NFTs.

This move by CNA Insurance signifies the unique challenges and risks associated with NFTs. As a relatively new and rapidly evolving technology, NFTs present uncertainties and complexities that traditional insurance policies may not adequately address. This exclusion highlights the need for specialized insurance solutions tailored to the unique characteristics of NFTs.

Asian Markets Embrace the Metaverse, while the West Lags Behind

The metaverse, a virtual reality space where users can interact with each other and digital assets, is gaining significant momentum in Asian markets. The Sandbox co-founder and chief operating officer Sebastien Borget has stated that roughly 50% of their business comes from Asian countries like Hong Kong, Korea, and Japan. Borget emphasizes that focusing solely on the Western perspective may lead one to believe that the metaverse is unimportant or declining when, in fact, it is thriving in Asia.

This divergence in interest and adoption highlights cultural and regional differences in technology trends. While the metaverse may be slower to gain traction in Western countries, it is imperative for businesses and developers to recognize the importance of Asian markets and tailor their strategies accordingly.

NFT Restaurant Project in San Francisco Abandoned, Binance Ends Support for Polygon-based NFTs

Plans for an NFT-based restaurant and lounge project in San Francisco have been halted due to challenging economic factors. The team behind the project has announced that construction cannot proceed as planned.

In other NFT news, Binance’s NFT arm has decided to discontinue its support for Polygon-based NFTs. The specific reasons behind this move have not been disclosed.

These developments demonstrate the dynamic nature of the NFT space. While some projects face obstacles, others make strategic decisions to adapt to changing market conditions.

In conclusion, the NFT industry continues to evolve, with major players like Google and CNA Insurance making significant policy changes. The incidents of theft and exploitation also serve as reminders of the importance of security and diligence in the NFT space. Meanwhile, the diverging interests in the metaverse between Asia and the West emphasize the need for a global perspective in understanding and harnessing the potential of this emerging technology.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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