Galactic Entertainment and Dubai's Blockchain Vision Propel Gaming Industry Towards a Digital Revolution

(MENAFN- Atteline) ● The tokenization market will grow to $5.6 billion by 2026
● The global gaming market is expected to grow to $614.91 million in 2030
● The video games market in the United Arab Emirates is forecasted to $420.90 million by 2024

Dubai, UAE – 24th June 2024: Digitalization is continuously evolving in the UAE as most sectors are seeing a drastic change, and the gaming world is no exception. With the digital revolution upon us, tokenization and gaming are emerging as key areas of innovation. Galactic Entertainment, an entertainment studio headquartered in the UAE, cites that, the tokenization market was valued at $2.3 billion in 2021 and will grow to $5.6 billion in 2026 at a compound annual growth rate of 19%1. With the role of tokenization in gaming involves turning in-game assets and currencies into blockchain-based tokens, it allows true ownership of assets, giving the players the freedom to fully control, trade, and sell their digital items.

Gaming has evolved beyond simply tapping screens and only owning in-game assets. It is at the forefront of the digital revolution through the integration of Web3 technologies and blockchain. The global gaming market is expected to grow to $614.91 million in 2030, at a compound annual growth rate (CAGR) of 21.8%2. These cutting-edge technologies are transforming the traditional gaming experience giving players an unparalleled level of control and engagement over their in-game assets.

Loren Roosendaal, the visionary CEO of Galactic Group is spearheading the integration of Blockchain technology in games. With a background in gaming and technology, Roosendaal is committed to pioneering advancements that enhance the player experience. "Tokenization and blockchain are not just technological advancements; they are fundamental shifts that are transforming how we interact with digital worlds. These technologies empower gamers by providing them with true ownership of their digital assets, enabling new forms of engagement, and fostering a more dynamic and interconnected gaming community," says Loren Roosendaal.

The gaming industry is thriving, and Dubai's ambitious blockchain vision is blending seamlessly with it to create a synergistic ecosystem that benefits both. This pushes the UAE and the region to the forefront of technological innovation. The Video Games market in the country is expected to see significant growth in the coming years. According to projections, the revenue is anticipated to reach $420.90m by 2024 and the number of users in the video games market is expected to reach 1.7m users by 2027. This indicates a significant increase in the adoption of video games among individuals in the country. Additionally, the user penetration rate is projected to rise from 14.7% in 2024 to 15.9% by 20273.

The industry can benefit from increased trust among players, more secure transactions, and verifiable ownership of in-game assets by utilizing blockchain's inherent transparency, security, and decentralization. Due to Dubai's dedication to becoming a global blockchain hub, gaming companies have access to the best infrastructure and legal support available for growth and innovation. This alignment strengthens the UAE's standing as a leader in the blockchain and gaming industries by attracting investment and a global talent pool in addition to stimulating economic growth. The ensuing innovations spur regional growth and establish Dubai as a leader in utilizing cutting-edge technology for a variety of purposes.


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About Galactic Entertainment:

Galactic Entertainment is a UAE headquartered entertainment studio committed to transforming the entertainment industry by using blockchain technology to, for the first time, provide fans with digital property rights in their favorite franchises. With the core belief that community-driven decisions and ownership will be the new standard for global entertainment, the company has assembled a star-studded development roster with renowned names from the likes of Marvel, Star Wars, and Game of Thrones to realize this vision. Its debut project, PlanetQuest, aims to create a cinematic multiverse from the ground up, with a diverse product offering that includes video games, a decentralized storyline, book, and graphic novel. The games leverage blockchain technology to give gamers full freedom to own and trade in-game assets, from weapons and equipment to entire planets, bringing digital property rights to video games in a move that is expected to drastically change the gaming landscape.

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