MPL-backed web3 gaming platform Striker to wind up operations

Published on:

Striker, a web3-based online fantasy gaming platform, is now shutting down its operations. The reasons cited for the wind up are believed to be the increased tax burdens after 28% GST was implemented. With this, Striker has become yet another platform severely affected due to the 28% GST.

Founded by Krishna Mohan Vedula and Nitesh Jain, Striker provided players to go beyond fantasy gaming. It allowed to trade digital sports cards on its marketplaces with the help of its offerings.

The web3 startup was already struggling due to a plea by another similar platform, Rario, which later was judged in favour of Striker. However, the company couldn’t quite bear the GST effect, and thus, is shutting down, according to Moneycontrol.

Striker’s shutdown comes as a huge setback for the online gaming industry as well as the AVGC sector. This means that the artists who designed the trading cards on the platform will now have to seek opportunities elsewhere.

It is to be noted that this is not the first or the only company to be hit by the 28% GST norms. Firms like Rario, Gamezy Fantasy, Fantok, Quizzy, were among the firms who had to shut down their operations. Furthermore, firms like MPL, Rush Gaming, and Spartan Poker also enforced lay-offs of several of its employees.

Striker’s investor MPL recently acquired an NFT marketplace Good Game Exchange in a $12.75 million deal. Earlier, it was being speculated that the newly acquired firm will help Striker further its operations.

However, now with Striker shutting down, the company may have a different plan altogether. MPL could also simply be expanding its operations as the GST council has reassured a re-evaluation for GST rate six months after implementation, which took place in October earlier this year.