To support the decentralized entertainment industry, Gala Films has announced that POPCORN! will soon be converted to $FILM. The goal is for $FILM to become the primary native currency of the digital economy. It will, among other things, assist members in supporting initiatives and earning incentives.
For your information, $FILM is not yet active on GalaChain; nonetheless, the Gala Film Litepaper has information about its rollout strategies.
Given that POPCORN! was declared as a prize for the initial support, the conversion to $FILM was anticipated. Operators of Screen Nodes will see a transition of their holdings according to the number of tokens they now possess. The optimal conversion is expected to occur when each POPCORN! holding is rewarded with 10 $FILM tokens.
The initial reward token will remain POPCORN!. Consequently, motivating users to produce additional $FILM tokens. They will then be qualified for both the bonus depending on their bucket size and the indicated conversion ratio.
The goal of rolling out $FILM is to ensure that it eventually serves as the Gala Films ecosystem’s utility and reward token. Users will be able to perform various tasks with their holdings. This means funding films, running the show, and taking home the prizes. $FILM tokens will be used to support film projects, and prizes will be distributed similarly. Only after demonstrating platform interaction, such as activity participation, content engagement, and watching films, can users receive incentives.
The opportunity to cast votes on decisions made about the ecosystem is what platform governance is all about. For example, the owners of $FILM will choose how the Gala Film ecosystem develops going forward and set the standard for future times in which democratizing film productions are the norm.
It will be possible for artists, spectators, and collectors to earn incentives. Creating film pitches, supporting the same or different pitches, buying screen nodes, buying stuff, and interacting with creators will be the first uses of their holdings. Gala Film is anticipated to release more tools in the upcoming years.
It is planned for the awards to be given out daily. The amount will change according to the level of interaction users have with the ecosystem. Working as a node operator, sharing content, encouraging others to do the same, and providing all feasible support for the ecosystem are ways to earn $FILM rewards. Prompting and sharing the content are other aspects of content distribution, in addition to broadening the platform’s audience.
Gala Films’ well-being is specifically stated as a benefit of the ecosystem’s behavior. Only when behavior aligns with the beneficial aspects of the contribution will rewards be given out. Individual nodes provide decentralized computation and storage capacity as part of node activities.
Gala Films is working on new attractions and getting ready for its big presentation.
