After hitting the incredible milestone of a market cap of $27 billion at the beginning of 2022, it plummeted to just over $3 billion by the end of the same year. This worrying situation gets worse when considering the trends in the market capitalization of GameFi (P2E) tokens. On top of this is the tremendous drop in total app downloads from 46 million in the first half of 2022 to 29 million in the second, according to Sensor Tower’s State of Mobile Gaming report 2023. The number of players in the P2E sector has plunged massively from 30.1 million in January 2022 to a mere 6.2 million in March 2023. These projects and others rose into polarity amid one of the crypto market’s most sensational bull runs in 2021. Play-To-Earn games like Splinterlands, Axie Infinity, and Sandbox have, over the last few years, faded into the distant past, with their user bases shrinking to unsustainable levels. Mills stated in the announcement that in a bid to protect users and “balance innovation,” the updated policy is geared toward opening new opportunities “to transact blockchain-based digital content within apps and games on Google Play.” Google Play’s Group Product Manager, Joseph Mills, in a blog post on July 12, 2023, said the company is “excited to expand on these offerings to create more engaging and immersive digital experiences with tokenized digital assets such as NFTs.”

Google has been hosting a variety of blockchain-based apps for a while, although they are only allowed under stringent terms and conditions. Is Google Play Store The Answer To The Struggling P2E Sector? Impacting The Adoption of New Technologies.Google Play Store Protecting Users While Fostering Innovation.P2E Games Still Have Tremendous Potential.Why Are Play-to-Earn Games Struggling So Much?.Is Google Play Store The Answer To The Struggling P2E Sector?.

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