MPL, known as Mobile Premier League, recently disclosed its acquisition of the NFT marketplace Good Game Exchange (GGX), involving the procurement of existing investors’ tokens. Entrackr revealed this deal, amounting to $12.75 million according to regulatory filings. However, the transaction was executed via the issuance of 25,19,465 Series E preference shares to current investors.
This acquisition follows a prior partnership between MPL and GGX initiated before the T20 cricket world cup, where MPL acquired a 20% stake in GGX. This strategic move aimed to facilitate digital card trading among players on Striker, MPL’s Web3-based fantasy gaming platform. The NFT aspect of this collaboration enables the exchange of digital collectibles.
Expanding its global gaming footprint, MPL launched its services in Africa earlier this year. However, the online gaming industry faces heightened GST burdens and tax evasion issues, leading some companies to downsize or cease operations. MPL itself had to let go of 350 employees in August following the new GST rate announcement.
While the NFT and Web3-based gaming market display immense potential, regulatory uncertainty persists. Despite the sector’s prospects, it grapples with issues like bad actors and regulatory constraints, prompting government interventions.
In this landscape, certain Web3-based NFT gaming platforms continue to thrive, including Striker, despite encountering challenges such as legal disputes, like the lawsuit filed against Rario.
