Can an application wipe or corrupt a SD card? Is it possible for apps to eliminate or corrupt SD Card specifically the apps that are installed from Play Store? Lately my micro SD card got wiped out on its own and I couldn't recover any of my data since I formatted it as the default disk to write earlier on my phone. I also wonder if it is possible for Beta version of apps to distort an SD Card
Yes, it is possible for an application to maliciously wipe or potentially corrupt data on a SD card. However, that is very unlikely to happen.

More likely is that the SD card had some sort of hardware failure.