Gala Films announces the upcoming conversion of POPCORN! to $FILM to fuel the decentralized world of entertainment. $FILM is posed to ultimately take center stage as the native currency of the digital ecosystem. It will help members earn rewards and support projects, to mention a few examples.
For reference, $FILM is not yet live on GalaChain; however, its rollout plans are available in the Gala Film Litepaper.
The conversion to $FILM was expected considering POPCORN! was announced as a reward for the initial support. Screen Node operators will see their holdings being transitioned based on how many tokens they have at the moment. The ideal conversion is slated to happen by rewarding 10 $FILM tokens for every POPCORN! holding. Additionally, holders will be eligible to receive bonuses based on the size of their POPCORN! Buckets.
POPCORN! will continue to be the initial reward token. Therefore encouraging users to mint more $FILM tokens. That will make them eligible not just for the stated conversion ratio but also for the bonus based on their bucket size.
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$FILM is being rolled out to make sure that it eventually becomes the utility token and reward token of the Gala Films ecosystem. Users, with their holdings, will be able to serve a number of functions. This entails supporting film projects, governing the platform, and earning rewards. Support for film projects will be in the form of $FILM tokens, and rewards will be rolled out in the same manner. Users can claim rewards only after showcasing platform interaction like activity participation, engagement with content, and watching films.
Platform governance pertains to gaining the ability to put forward their votes with respect to what happens in the ecosystem. For instance, the holders of $FILM will decide the future course of action for the Gala Film ecosystem and pioneer the future where democratizing film projects is the usual norm.
Earning rewards will be open to artists, viewers, and collectors. The initial utilities of their holdings will be the creation of film pitches, backing the same or other pitches, purchasing screen nodes, purchasing items, and connecting with creators. More utilities are expected to be announced by Gala Film in the years to come.
The distribution of rewards is scheduled to happen every day. It will vary based on how much engagement users have recorded within the ecosystem. Ways to earn $FILM rewards include working as a node operator, distributing content, incentivizing the same, and supporting the ecosystem in every possible manner. Content distribution further includes prompting and sharing the content, along with expanding the reach of the platform.
The behavior in the ecosystem is expressly mentioned as one that is beneficial to the health of Gala Films. Rewards will be distributed only if the conduct is consistent with the positive nature of the contribution. Node operations involve the provision of decentralized storage and computing capacity by individual nodes.
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Moving forward, Gala Films is preparing for its feature presentation and launching more attractions.
