Galactic Group announces the creation of a new web3 gaming publishing division. With video games seeing increasing popularity among consumers in the UAE, the industry is poised to witness a steady annual growth rate of 5.40% through 2027 with an estimated market volume of $492.90 million; Galactic Entertainment Publishing, founded by industry visionary Loren Roosendaal and backed by a team of world-class talent from the games and movie industries, including Co-Founder Mark Meyers, former Head of Disney’s AAA Studios, is looking to redefine the gaming landscape with their launch as one of the world’s first play-to-own publishers.<\/p>\n\n\n\n
Building with the community: Rather than setting out to build a franchise in a vacuum and throw it at the market when it\u2019s done, Galactic has been taking a different approach. In fact, many members of its executive team hail from Galactic Entertainment Studios, the creators of the PlanetQuest franchise, a daring experiment that saw them bring together over 250,000 fans who, over the past two years co-created the storyline and lore of the Star Wars like franchise, which culminated in a soon to be released trilogy of books, comics and a game that\u2019s due for early access later this year.<\/p>\n\n\n\n
\u201cNaturally no first attempt at something new is perfect, but it\u2019s been amazing getting to create a sci-fi universe with the fans in a way that\u2019s never been attempted before. I\u2019ve gotten to fulfill a lot of my childhood dreams, working on Star Wars, Blade Runner and Marvel movies to name a few, but there\u2019s little that compares to being able to interact and build with the fans from day one,\u201d\u00a0comments Chief Creative Officer Jon McCoy.<\/p>\n\n\n\n
The currently dominant Free-to-Play model is starting to show cracks. Tens of billions of dollars are being spent on ads each year to acquire new players, driving up publishing costs, which just end up being charged back to the players as more and more expensive in-game purchases and making it harder for developers to earn a living.<\/p>\n\n\n\n
\u201cInvolving the community early on and rewarding them for their participation with in-game goods that they actually own benefits publishers, developers and players, by reducing publisher ad spend, providing the feedback developers need and getting the players better games,\u201d says Co-Founder Mark Meyers of Disney fame.<\/p>\n\n\n\n
Innovative Play-to-Own model: Key to this new approach is the play-to-own model, which opens up the economy of entertainment franchises, through the use of blockchain technology, allowing fans and players to own and trade anything from in-game items to entire planets, along with the franchise\u2019s own currency. This provides the opportunity for early adopters to own a piece of an entertainment universe they love and does away with situations where players who want to trade are left to rely on the black market and even risk having their accounts banned and everything they played for years to obtain taken away from them in an instant.<\/p>\n\n\n\n
\u201cIt deserves to be said that we believe the current free-to-play model is broken. It\u2019s crazy to think that players are spending over $100 billion dollars and 100\u2019s of hours of their spare time each year, gathering in-game items they don\u2019t actually own. Let alone that when someone tries to sell any of these, we, at best, give them a chance to do so for store credit and at worst chase them down with the ban-hammer.\u201d adds Group Founder & Chairman Loren Roosendaal.<\/p>\n\n\n\n
With PlanetQuest, the publisher\u2019s first franchise having just launched a major airdrop campaign allowing fans to start accruing in-game currency, soon to be followed by a line-up of titles across various media, Galactic already has a jam-packed year ahead of it as a publisher. However that may just be the beginning, as it recently secured the rights to build out a similar play-to-own gaming universe for an undisclosed billion-dollar Hollywood movie franchise.<\/p>\n\n\n\n
With the global blockchain gaming market expanding at a compound Annual Growth Rate (CAGR) of 24.6% from 2021 to 2027 and the number of blockchain gamers is expected to cross 2.7 billion, the UAE increasingly adopting this technology across various sectors, Galactic Entertainment\u2019s efforts are timely. One thing is for sure, with games continuing to grow and cross over with other forms of entertainment and community participation being a more and more important factor Galactic is set to make waves and might just trigger the next gaming revolution.<\/p>\n","protected":false},"excerpt":{"rendered":"
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