At PlanetQuest’s first planet sale, more than 10,000 fans wrote motivational letters totaling over $60 million in pledges to buy planets.
Galactic Entertainment, an entertainment studio headquartered in the United Arab Emirates, will use blockchain technology to create innovative, immersive and disruptive experiences. Backed by global investors including Kingsway Capital and Immutable X, Galactic Entertainment is on track to become the biggest gaming player in the Middle East with its debut project PlanetQuest.
Founder and Chairman, Loren Roosendaal, is a serial entrepreneur who started making games at the age of 11 and saw them played by millions of people before he graduated from high school. Prior to founding Galactic Entertainment, he also founded Bright Star Studios, where he currently shares the CEO role with co-founder Mark Laursen. Loren has become a pioneer in conducting community-friendly sales, raising over $260 million in commitments through two successful application-based sales. Among others, these notable achievements have brought him 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 together with a vibrant community that participates in its conception from the beginning. Community members and fans are treated to the works of renowned authors, 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 will participate in votes that could decide the fate of the universe in the episodic storyline that is already being novelized, and get a chance to own entire planets and in-game items that may be just as exciting a key role in the upcoming video game PlanetQuest. The response to this proved overwhelming, as fans submitted more than 10,000 applications to the first planet sale, promising to spend a total of over $60 million on planets in just a few weeks. This left just over 1,000 planets available for purchase, which were approximately 60 to 1 oversubscribed, giving viewers and commenters a glimpse of PlanetQuest’s long-term potential.
Loren Roosendaal, Founder and Chairman of Galactic Entertainment said: “With the growth of the gaming and esports sector in the Middle East, we are delighted to establish our headquarters here in the United Arab Emirates. The country is increasingly interested in developing its own games, with an expected number of over four million users by 2027. Saudi Arabia is also an important market, with 70% of KSA’s population under the age of 30 and around 20 million gamers in the country. Both markets contribute significantly to the region’s growth in the gaming sector.
As gamers ourselves, we look forward to building a whole new generation of entertainment experiences for regional and global audiences. Galactic Entertainment is pioneering games and stories that not only let fans participate in important 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 that their voices helped shape the plot of the Star Wars films? This is exactly the opportunity we are offering today to early fans of PlanetQuest.”
Following the current advances, Galactic Entertainment plans to expand its product offering by developing more multiverses, suggesting that in addition to further expanding its own IPs, it is also in talks with some massive external IP holders who are looking to partner with Galactic Entertainment strive to bring different worlds from books and cinema into the Metaverse.