Gala Film, the video-focused division of the Gala entertainment ecosystem, has announced that it will launch its very own token: $FILM.
$FILM is an upcoming utility and reward token that will be at the core of the movie-centered platform. It will go live on GalaChain in the future and be used as the main currency for transactions in the Gala Film ecosystem. This means that users will be able to use the token to support film projects, which is set to be rewarded with benefits such as exclusive behind-the-scenes content, early access, and potentially more. Holders of the token will be able to participate in governance by voting on various proposals, while active users will have a chance of earning the token through a range of different ways that may include watching films, participating in community activities, and interacting with varied content.
According to the latest announcement, some of the initial utilities for this new token include buying items on the platform, purchasing Screen Nodes, setting up film pitches, supporting pitches for new films and interacting with Creators, with more use cases to come over time.
$FILM rewards will be distributed every day for node operation, content distribution, content incentivization, and ecosystem supporting behaviors. This means that Screen Node holders can earn the token, but so can users who share and promote content, with creators rewarded depending on the number of views they get and the amount of engagement their content manages to garner. Engagement that “supports the health of Gala Films” is also set to be rewarded.
In an effort to reward early supporters of this ecosystem, Gala has given Screen Node operators special units called ‘POPCORN! Buckets’. These are meant to serve as mint allowances for $FILM after its initial allocation, with holders of POPCORN! Buckets set to receive 10 $FILM for 1 POPCORN!, though there is a chance of getting a bonus based on the size of your POPCORN! Bucket.
The official post states that Screen Node operators will continue to receive POPCORN! even after $FILM’s token creation event, alongside “anyone else who has earned $FILM rewards through various platform interactions.” By letting users mint whenever they want, it will be possible to take “advantage of POPCORN! bonuses by minting larger amounts of $FILM at a time.”