PlanetQuest’s first planet sale saw over 10k+ fans writing motivational letters totalling over $60m in commitments to buy planets.
Galactic Entertainment, an entertainment studio headquartered in the UAE, will use blockchain technology to create innovative, immersive, and disruptive experiences. Backed by global investors including Kingsway Capital and Immutable X, Galactic Entertainment is set to become the largest player in the Middle East’s gaming space with its debut project, PlanetQuest.
Founder and Chairman, Loren Roosendaal, is a serial entrepreneur who started developing games at the age of 11 and saw them played by millions of people before he graduated high school. Prior to founding Galactic Entertainment, he also founded Bright Star Studios where he currently shares the CEO role with fellow founder Mark Laursen. Loren has become a pioneer in conducting community-friendly sales, witnessing over $260m in pledges through two successful application-based sales. These notable achievements, among others, have garnered him recognition as one of the founding fathers of the blockchain gaming movement, alongside figures such as Aleksander Leonard Larsen (Co-Founder of Sky Mavis, the studio behind Axie Infinity) and Sebastien Borget (Co-Founder of The Sandbox).
The vision behind Galactic Entertainment’s PlanetQuest is clear: to build the first cinematic multiverse alongside a vibrant community that participates in its conception from the start. Community members and fans are treated to the works of renowned writers, video game developers, and artists who have previously worked on IPs from Marvel and Star Wars to Game of Thrones and are now laying the foundation for PlanetQuest.
As part of the community, fans participate in votes that could decide the fate of the universe in the episodic storyline which is already being novelised, and perhaps just as exciting, are given the chance to own entire planets and in-game items that will play a key role in the upcoming PlanetQuest video game. The response to this proved overwhelming as the first planet sale saw fans submit over 10,000-plus applications pledging to spend over $60m on planets in total in just a few weeks. This left just over 1,000 planets available for purchase in the sale oversubscribed by roughly 60 to 1, providing audiences and commentators with a glimpse of the long-term potential of PlanetQuest.
Loren Roosendaal, Founder and Chairman of Galactic Entertainment, said: “With the games and esports sector growing in the Middle East, we are thrilled to establish our headquarters here in the UAE. The country is becoming increasingly interested in developing homegrown games with over four million users expected by 2027. Saudi Arabia is also a major market, with 70% of KSA’s population under 30 years of age, and approximately 20m gamers in the country. Both markets are key contributors to the region’s growth in the gaming space.
As gamers ourselves, we’re excited to be building a whole new generation of entertainment experiences for both regional and global audiences. Galactic Entertainment is pioneering games and stories that not only let fans participate in key decisions but also give them the opportunity to own a piece of this multiverse. After all, what Star Wars fans wouldn’t love to be able to say their votes helped determine the plot of the Star Wars movies? This is the exact opportunity that we’re offering the early fans of PlanetQuest today.”
On the heels of its current progress, Galactic Entertainment plans to expand its product offerings by developing further multiverses, hinting that, next to continuing to expand its own IPs, it is also in talks with some massive external IP holders looking to work with Galactic Entertainment to bring various worlds from books and cinema to the metaverse.