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<ul><li><keyword id="44033" type="General" weightage="20" keywordseo="hike" source="Orion">Hike</keyword>’s <keyword id="13026722" type="General" weightage="20" keywordseo="rush-gaming-universe" source="Orion">Rush Gaming Universe</keyword> has clocked in $100 million in annualised gross revenue since launching in March 2021. </li><li><keyword id="1245893" type="General" weightage="20" keywordseo="rgu" source="Orion">RGU</keyword> plans to double its revenue by the end of the year, according to Hike’s CEO and founder <keyword id="6567188" type="General" weightage="20" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword>. </li><li>In an exclusive interview with Business Insider, Mittal explains how reaching that target involves NFTs, new games and new features. </li></ul>Hike’s mobile-only gaming platform, The Rush Gaming Universe (RGU), has hit $100 million in annualised gross revenue in 15 months since going live. According to Hike’s founder, Kavin Bharti Mittal, the game is likely to double its gross revenue before the end of the year. <div type="image" title="RGU." msid="92128510" hostid="261"></div> “A large part of it is double down on the NFTs we launched a couple of weeks ago. And, increasing their spread across the application,” Kavin Bharti Mittal told Business Insider in an exclusive interview. The bite-sized gaming application currently has 10 games. According to Mittal, another four will be added in the next quarter. RGU also plans to introduce tournaments and a leaderboard feature in the coming months as well. <div type="ExtQuote" text="One [of the games] that we’re specifically excited about is a Battle Royale game – a PubG system game, a SPS, on the platform," auname="Kavin Bharti Mittal, CEO and founder of Hike, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Web2 &amp; Web3" comment="subhead" text="Web2 &amp; Web3">Web2 &amp; <keyword id="12465420" type="General" weightage="20" keywordseo="web3" source="Orion">Web3</keyword></cmsannotation> RGU launched its <a href="https://www.businessinsider.in/cryptocurrency/news/rush-gaming-universe-announce-whitepaper-with-a-roadmap-to-create-new-economic-opportunities-for-indians/articleshow/91614549.cms">whitepaper</a> last month, in which the platform highlights its underlying aim to create new economic opportunities for its community. “We’re very excited about that. It’s a new way of operating in web2. In web3, you’re completely transparent and out there,” Mittal told Business Insider. The roadmap for the coming year includes the launch of a ‘Special Access NFT’, a token, and the creation of an NFT marketplace. “Our goal is to embed the NFTs deeper into the gameplay to show people within the application that this is a real asset. That you can play with it and also unlock new economic opportunities,” explained Mittal. Despite the recent economic downturn, Mittal remains optimistic that RGU will be able to weather the storm. According to him, unlike crypto exchanges – like Coinbase and Gemini who have been laying off employees – gaming within the scope of play to earn (P2E) will actually end up posing an opportunity, akin to what happened with Axie Infinity during the pandemic. “Gaming becomes a way for people to unlock economic opportunity,” he said.

EXCLUSIVE: Hike’s RGU hits $100 million in annualised gross revenue with eyes on $200 million by the end of the year

<ul><li><keyword id="44033" type="General" weightage="50" keywordseo="hike" source="Orion">Hike</keyword>’s <keyword id="13026722" type="General" weightage="80" keywordseo="rush-gaming-universe" source="Orion">Rush Gaming Universe</keyword> unveiled its whitepaper today. </li><li>The roadmap includes the launch of the <keyword id="37572" type="General" weightage="100" keywordseo="rush" source="Orion">RUSH</keyword> token and an array of non-fungible tokens (NFT), which includes avatars, special access and virtual land.</li><li>The Rush Gaming Universe will be built on the <keyword id="2462624" type="General" weightage="50" keywordseo="polygon" source="Orion">Polygon</keyword> blockchain.</li></ul>Hike’s Rush Gaming Universe (<a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittal-dives-into-what-hikes-version-of-the-metaverse-is-going-to-look-like/articleshow/89109609.cms">RGU</a>) unveiled its whitepaper today outlining the roadmap for how it plans to bring the platform on-chain. The plan involves a governance token, a two-currency economy and non-fungible tokens (NFTs). It’s the first mobile-only blockchain gaming platform to come out of India and its key challenge will be solving for awareness among the masses, who aren’t necessarily crypto-savvy, and scaling for a population of 1.4 billion. <div type="twitter" handle="kavinbm" handlename="Kavin (kbm.eth)" image="http://pbs.twimg.com/profile_images/1427156181370380288/h526snHE_normal.jpg" favoritecount="55" retweetcount="15" status="1/ GM! ☀️Today I'm super psyched to unveil the whitepaper for @RushGamingU - https://t.co/CbskviYZhMFor a slick… https://t.co/kKtWG00bPX" createdat="1652765713000" id="1526436155293859840"></div> One of the reasons that Axie Infinity saw <a href="https://www.businessinsider.in/investment/news/axie-infinity-saw-3-5-billion-nft-transactions-in-2021/articleshow/90153079.cms">massive success</a> was because players in South East Asia were looking for alternative revenue sources at a time when inflation was taking hold and the economic conditions were uncertain. <cmsannotation type="cmsannotation" annotationid="New economic opportunities" comment="subhead" text="New economic opportunities">New economic opportunities</cmsannotation> The point of RGU, as with any play-to-earn (P2E) platform, is to create new economic opportunities for its community. Currently, there are 10 games on the platform. Players can battle against each other in 2-player or 4-player matches. In 2022, RGU plans to introduce two new game formats – 1,000-player tournaments and clans – the details of which are still under wraps. The RUSH token, once RGU is on-chain, will represent the economic value of the network. Players owning the RUSH token will get to participate in the potential economic upside as the network grows in value as the contribution of the community grows <cmsannotation type="cmsannotation" annotationid="RGU wants to solve blockchain tokenomics" comment="subhead" text="RGU wants to solve blockchain tokenomics">RGU wants to solve blockchain tokenomics</cmsannotation> Gaming has a <a href="https://venturebeat.com/2022/04/28/animoca-brands-yat-siu-the-big-picture-view-of-blockchain-games/">love-hate</a> relationship with the blockchain. Hardcore gamers believe game-fi is making the actual games less entertaining. And, even though blockchain gaming saw incredible hype during the pandemic, the misalignment of in-game tokenomics, <a href="https://www.businessinsider.in/investment/news/axie-infinity-has-an-inflation-problem-and-without-more-players-its-going-to-be-a-tough-fix/articleshow/87840750.cms">leading to inflation</a> and subsequent drop in values, has even seasoned play-to-earn (P2E) gamers <a href="https://beincrypto.com/gaming-players-are-losing-interest-in-p2e-games-heres-the-fix/">losing interest</a>. The Rush Gaming Universe is trying to solve these two issues. One is keeping the focus on building AAA quality games, which they develop in house. And the other is the limited supply of NFTs or the upcoming RUSH token. There will only be 15,999 ‘Special Access Pass’ NFTs, scheduled to go on sale in June 2022, according to the <a href="https://whitepaper.rush.network/rush-gaming-universe-v1.0/On-chain/nfts/special-access-pass-nft">whitepaper</a>. The token supply of RUSH is capped at three billion. <cmsannotation type="cmsannotation" annotationid="What is the RUSH token anyway?" comment="subhead" text="What is the RUSH token anyway?">What is the RUSH token anyway?</cmsannotation> The RUSH token will be RGU’s governance token. It will essentially give players the right to vote on proposals, buy NFTs, and earn rewards through staking and gameplay. As the community and networks grow, the value of the token will grow. Half of the three billion tokens will be dedicated to the RGU ecosystem. This allocation will be used for gameplay, game-fi, community airdrops and to build the community. Around 30% of the RUSH token will be allocated to Hike and team building the RGU. This is to keep the team incentivised to keep building after a successful token sale, align the incentives of existing investors in the Hike team, and serve as a way for the Hike team to raise funds over time to fund further development of the project. Last week, Hike announced a <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-raises-fresh-funds-for-its-web3-play-to-earn-blockchain-gaming-project/articleshow/91373455.cms">fresh round of funding</a> led by Jump Crypto and saw participation from Tribe Capital and Republic Crypto as well. Before July, RGU plans to announce the Rush Special Access NFT sale. In the second half of the year, the RUSH token pre-sale will go live. RUSH staking – players will be able to place tokens as collateral in order to vote – and NFT staking will also be introduced alongside the launch of an in-house NFT marketplace. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/tether-losing-its-one-to-one-us-dollar-peg-exposed-its-vulnerability-and-a-way-to-build-confidence-in-the-stablecoin/articleshow/91578910.cms">Tether losing its one-to-one US dollar peg exposed its vulnerability — but also showed how the stablecoin can build confidence in the future</a> <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-raises-fresh-funds-for-its-web3-play-to-earn-blockchain-gaming-project/articleshow/91373455.cms">Kavin Bharti Mittal’s Hike raises fresh funds for its web3 play-to-earn blockchain gaming project</a> <a href="https://www.businessinsider.in/cryptocurrency/news/rush-by-hike-plans-to-turn-into-a-play-to-earn-game-with-polygon-matic-blockchain/articleshow/89154622.cms">Kavin Bharti Mittal's Hike partners with Polygon to bring the Rush Gaming Universe onto web3</a>

Rush Gaming Universe announces whitepaper with a roadmap to create new economic opportunities for Indians

<ul><li><keyword id="44033" type="General" weightage="100" keywordseo="hike" source="Orion">Hike</keyword> has raised a new round of funds from marquee web3 investors <keyword id="13620005" type="General" weightage="80" keywordseo="jump-crypto" source="Orion">Jump Crypto</keyword>, <keyword id="9200827" type="General" weightage="50" keywordseo="tribe-capital" source="Orion">Tribe Capital</keyword> and <keyword id="12309404" type="General" weightage="80" keywordseo="republic-crypto" source="Orion">Republic Crypto</keyword>.</li><li>The fresh funding will be used to bring Hike’s gaming platform, the Rush Gaming Universe, onto the blockchain. </li><li><keyword id="6567188" type="General" weightage="80" keywordseo="kavin-bharti-mittal" source="Orion">Kavin Bharti Mittal</keyword>, CEO and founder of Hike, wants to create a gaming experience where gamers are owners of the assets they create online.</li></ul> Kavin Bharti Mittal’s homegrown startup, Hike, has raised fresh funds for its gaming platform, the Rush Gaming Universe. Led by Jump Crypto, the round also saw participation from Tribe Capital and <keyword id="12968708" type="General" weightage="50" keywordseo="republic-capital" source="Orion">Republic Capital</keyword>’s Republic Crypto. The company has not disclosed the funds raised by the three investors. However, it plans to use most of these funds to build out their web3 vision for Rush Gaming Universe (RGU). Mittal wants to bring consumers in emerging markets like India on-chain by creating a blockchain gaming platform where users can play, earn and grow. <div type="ExtQuote" text="India being a mobile-first market needs a unique approach and our years of building for this market help tremendously in building a seamless user experience to bring the next billion users on-chain. We’re incredibly excited about the future" auname="Founder and CEO of Hike, Kavin Bharti Mittal"></div> <cmsannotation type="cmsannotation" annotationid="It takes time for technology to catch up" comment="subhead" text="It takes time for technology to catch up">It takes time for technology to catch up</cmsannotation> Mittal initially wanted to launch RGU on blockchain 15 months ago when they created the application. According to him, at the time, there were too many bottlenecks within the technology. It was only in January this year that <a href="https://www.businessinsider.in/cryptocurrency/news/rush-by-hike-plans-to-turn-into-a-play-to-earn-game-with-polygon-matic-blockchain/articleshow/89154622.cms">Hike partnered with Polygon</a> to bring RGU onto web3. The platform also airdropped non-fungible tokens (NFTs) called <keyword id="13842773" type="General" weightage="50" keywordseo="rush-avatars" source="Orion">Rush Avatars</keyword> to its existing users on the path to coming on-chain. In just 13 months since its launch in March last year, the Rush Gaming Universe is clocking in over 160 million gameplays every quarter with over $90 million in gross winnings annually across 1.8 million monthly active users (MAUs). <div type="image" title="IMG-20220506-WA0007" msid="91373637" hostid="261" caption="&amp;lt;p&amp;gt;Monthly active users, games played and gross winnings distributed.&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Hike's new strategic investors" comment="subhead" text="Hike's new strategic investors">Hike's new strategic investors</cmsannotation> In building RGU’s vision for web3 gaming, Jump Crypto will serve as the market maker to help the platform navigate exchanges, Tribe Capital comes with years of expertise in the web3 world, while Republic Crypto will act as a token advisory and sale partner. <div type="ExtQuote" text="We’re excited to finally see a mobile-only product emerge in the web3 space. Gaming is going to be a gateway for the next billion users to come onto crypto and Hike’s Rush Gaming Universe is building a seamless web3 experience to enable that." auname="Arjun Sethi, Co-Founder and Partner at Tribe Capital"></div> The lead investor, Jump Crypto, has made over 23 investments in crypto projects globally including Streamflow, SnackClub, and Ethereum Push Notification Service (EPNS) – a homegrown blockchain communication decentralised application (dApp) founded by Harsh Rajat. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-craters-7-amid-broader-stock-market-sell-off-reinforcing-its-high-correlation-to-risk-assets/articleshow/91354850.cms">Bitcoin craters 7% amid broader stock market sell-off, reinforcing its high correlation to risk assets</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bored-ape-yacht-club-drives-196-spike-in-weekly-nft-sales-these-were-the-5-best-selling-digital-collections-/articleshow/91322399.cms">Bored Ape Yacht Club drives 196% spike in weekly NFT sales. These were the 5 best-selling digital collections.</a> <a href="https://www.businessinsider.in/cryptocurrency/news/microstrategy-said-it-would-face-a-margin-call-and-be-forced-to-sell-some-of-its-crypto-if-bitcoin-falls-to-21000/articleshow/91320454.cms">Microstrategy said it would face a margin call and be forced to sell some of its crypto if bitcoin falls to $21,000</a>

Kavin Bharti Mittal’s Hike raises fresh funds for its web3 play-to-earn blockchain gaming project

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EXCLUSIVE: Hike’s RGU hits $100 million in annualised gross revenue with eyes on $200 million by the end of the year

BI India Bureau

Rush Gaming Universe announces whitepaper with a roadmap to create new economic opportunities for Indians

Sourabh Jain

Kavin Bharti Mittal’s Hike raises fresh funds for its web3 play-to-earn blockchain gaming project

BI India Bureau

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