⚠️OWN: Halting All Updates
Hey OWN Fam,
Here is an important update, maybe the most important one so far.
We went live ~15 months ago, launching our NFTs with much love from the community. The idea of a gaming platform around cryptocurrencies felt unique and powerful at the same time. We loved it as a team and poured our heart and soul into it, day in and day out.
We learned with you guys and kept on introducing new mechanics and games on the platform, with a single focus on - delivering the best experience for the end users. We moved ahead against the headwinds of the Crypto market crash and regulatory overhang on Crypto as an asset class. It had been an extremely challenging yet fun experience.
GST Law in India
However, due to the recent GST Law passed by the government of India, we feel the model is not viable anymore. Here is what has happened:
The new GST rule means 28% of all deposit amounts (for users from India) will be paid to the Indian government in the form of tax.
This tax is non-refundable and non-adjustable. It will be a pure cost to the end user (either the gaming platform or the gamer).
The new law comes into effect on 1st October 2023.
We are not an Indian-registered company. However, the rule covers all entities with a user base in India, even ones where transactions are happening using digital currencies, which would cover us as well.
70% of our revenue (and ~50% of our user base) is based out of India.
While large companies in the RMG (Real Money Gaming) space may be able to absorb this cost; for smaller companies like us, the business model is simply not viable.
Hence, after a lot of deliberation and heartburn, we came to the difficult decision of suspending all real money gaming activities on the platform temporarily (till we are able to figure out a viable business model that lets us operate even after the 28% GST).
What next?
We would be transitioning the platform to Free-to-Play only starting - 18th Aug ‘23, 6:30 AM UTC (12 PM IST). The transition will be completed by - 1st September, 6:30 AM UTC (12 PM IST).
Here is what it means:
Changes live now
NFTs - All buying and selling of NFTs has been temporarily suspended on the platform. This is to ensure there are no scams pulled off on the new users.
Community - All community platforms (Discord, Whatsapp, Telegram, etc.) have been converted to read-only mode. This is to prevent the spread of any false information.
Wallet Snapshot - We have taken a wallet snapshot of the users to capture the NFTs in their wallet and their OWNDex. We will freeze this OWNDex.
NFT Transfer - You will be able to withdraw NFTs to any external wallet without impacting the OWNDex score of the account.
Support - The team will be available to respond to queries on support tickets on Discord or you can write directly to: support@oneworldnation.game
Changes from 18th Aug
Games - All games will be playable using Bonus CC only.
Bonus CC - 5000 Bonus CC will be added to every account each day at 12:30 AM UTC (6:00 AM IST).
Withdrawing CC - All purchased CC will be converted to Winnings CC and will be fully withdrawable.
Withdrawal Limits - We will upgrade the withdrawal limit as follows:
Support - The team will be available to respond to discord tickets and support emails for 2-3 hours everyday between 18th Aug - 1st Sept. We will try to respond to tickets within 24 hours.
Changes from 1st Sep
Withdrawals - All withdrawals and CC conversion will be temporarily suspended from 1st Sept.
Games & Bonus CC - All games will be available to be played using Bonus CC only.
New Updates - No new updates will be available temporarily.
Support - The team will be available to respond to discord tickets and support emails for 2-3 hours per week between 18th Aug - 1st Sept. We will try to respond to tickets within 72 hours.
NFTs on BNPL - Buyers can pay the remainder of the part payment if they wish to own the NFTs. Once 270 days are completed, the buyer will receive a reminder to complete the payment. In case he does not complete it, the NFT will be returned to the original seller.
We apologise for the inconvenience but we would like to thank you all for putting your trust in us, playing our games and keeping the community alive! We couldn’t have done it without you!
FAQs
Will we be buying back the NFTs?
We will not be buying back the NFTs. We intend to revive the platform as and when the GST thing gets resolved.
Will we be making the withdrawal limit infinite?
We will not be making the withdrawal limit infinite. The withdrawal limits have been upgraded after careful consideration to provide users enough and more room to withdraw all their money, if they so wish.
What will happen to the community?
Honestly, we don’t know. We have thoroughly enjoyed our time with this community. We hope to revive the project as and when the GST law becomes favourable.
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