Social media startup Hike raised an undisclosed amount from Ethereum layer 2 scaling solution startup Polygon to collaborate on transitioning Hike’s Rush Gaming Universe from web2 to web3 technologies.
The rush gaming universe is Hike’s play-to-earn (P2E) gaming platform that claims to be doing more than $50 million in winnings (Gross ARR), with over 100 million gameplays in a quarter happening across eight popular Indian casual games.
“We’re entering a new era of gaming, where players will participate in a new kind of game economy where they’re also owners of the networks they help create. Gaming has always been an incredible source of entertainment, a way to bring joy to people’s lives, and now it will also be a means to provide brand new economic opportunities to the world. With Polygon, we’re going to bring The Rush Gaming Universe on-chain in 2022,” said Kavin Bharti Mittal, founder and CEO at Hike.
According to Mittal, players will be able to leverage smart contracts to play games, generate digital assets bad on their skill and gameplay, and become owners on the network.
P2E games refer to games that reward their users by paying them. Gamers earn digital assets like NFTs by participating that can then be sold and exchanged on different marketplaces.
But at the same time, gamers need to buy NFTs in order to participate in the game in the first place. This new approach to gaming could potentially disrupt the gaming industry and change the way it works.
“Web3 gaming is one of the fastest-growing economic sectors ever and has the potential to be an important onramp for the next 1 billion users to come onto crypto. Hike’s Rush Gaming Universe is a hugely exciting development for the Indian market, with global potential beyond that, and we are delighted to be partnering to bring the platform on-chain,” said Sandeep Nailwal, cofounder of Polygon.