It’s official. The Gala Film platform’s official Token Generation Event (TGE) is happening on Thursday, December 5th, 2024.
Gala Film has already hit the ground running throughout this year with a decentralized community-run Theater Node network, multiple pieces of exclusive content, reward-enabled NFT Moments and much more. But things are about to get very real for this free-to-watch web3 film platform that promises to revolutionize the video content industry by empowering filmmakers and viewers alike.
Web3 Means More Freedom, Greater Possibilities
Gala Games first envisioned the power of web3 applied to filmmaking over two years ago, while its gaming and blockchain tech experts were hard at work building an entertainment-first layer-1 called GalaChain.
Now that GalaChain is tried, tested and open for development to third party innovators, Gala Film is ready to seriously get busy changing the game of film and filmmaking. The rubber really hits the road with this TGE, finally ready to execute after more than a year of careful planning.
$GALA and GalaChain
$GALA is the core gas token for the entire GalaChain ecosystem, including Gala Games, Gala Music and Gala Film, as well as numerous emerging community-built projects on the chain. $GALA is burned with all GalaChain transactional activity and distributed daily as a reward to Founder’s Node operators who power the decentralized ecosystem, creating a scalable economy for GalaChain as it continues to grow.
$FILM and Gala Film
Gala Film is a channel built on GalaChain, powered by its own dedicated node network (Gala Film Theater Nodes) while benefiting from the blockchain infrastructure of GalaChain. $FILM is the fungible token that will represent the core of the Gala Film ecosystem, with complex systems of faucets and sinks to reward all types of users as Gala Film onboards more creators and new content.
Serving as both reward and utility token for the Gala Film ecosystem, $FILM will create a constant economic flow, like the life-blood of the Gala Film circulatory system.
Distribution of $FILM
$FILM will be distributed as rewards on a daily basis to the Gala Film community of creators, viewers and collectors.
At launch…
- Theater Node operators will receive 17.5% of daily $FILM distribution for powering the Distributed Content Delivery Network.
- Founder’s Node operators will receive 2.5% of daily $FILM distribution for powering the backbone of the decentralized GalaChain ecosystem.
- Content Creators will receive 5% of daily $FILM distribution for producing high quality video content, favoring creators based on their platform impact and viewership.
- Moment NFT Owners will receive 15% of daily $FILM distribution, collecting rewards associated with a specific project for which they own Moment NFTs.
- Ecosystem Supporters will receive 10% of daily $FILM distributions from a variety of allocations designed to reward many types of ecosystem involvement.
- Gala Film will receive 50% of daily $FILM distribution for marketing, ongoing development and liquidity costs. This portion will be reduced each year as the platform grows toward full decentralization.
Utility for $FILM
In addition to its reward distribution model, $FILM will serve many purposes as a currency for the Gala Film platform.
Shortly following launch…
- $FILM Boosts will create a system that allows owners to power up their favorite content on the platform by spending or holding $FILM in support of any project.
- Digital Collectibles and Experiences will be purchased (often exclusively) for $FILM, which is burned.
- Community Pitching will empower anyone in the community to present their own project ideas through a unique crowdfunding system powered by $FILM. Holders of $FILM will have the opportunity to support promising projects, empowering aspiring filmmakers to bring their visions to life.
- Commercial Ad Spends will create a way for brands and projects to use $FILM to reach Gala Film’s active web3 audience with targeted advertisements
Supply for $FILM
The max supply for $FILM is 500,000,000.
December 5th’s TGE will see 20% of the total supply created, or 100,000,000 $FILM, distributed as allowances. This entire TGE portion comprises all POPCORN! and POPCORN Buckets held in user accounts.
$FILM and POPCORN!
Throughout 2024, Gala Film has distributed POPCORN! as the initial utility token for Gala Film. At the TGE, all holders of POPCORN! will automatically receive GalaChain allowances for $FILM at a ratio of 1 POPCORN = 10 $FILM.
This includes individual units of POPCORN!, currently awarded to Theater Node operators and Moment NFT owners on a daily basis, as well as POPCORN! Buckets, which were given out as rewards to early adopters and supporters of Gala Film.
Following the issuance of GalaChain $FILM allowances, POPCORN! and POPCORN Buckets will have no future utility and will no longer be distributed. After the December 5th TGE, $FILM allowances will be awarded directly to users based on their ecosystem activity.
An updated version of the Gala Film Whitepaper is coming soon (prior to the $FILM TGE with detailed explanations of tokenomics, $FILM allocations and more.
Exchanging $FILM
One of the most important initial features of $FILM is the ability for users to exchange these tokens on GalaChain. This is where GalaConnect (formerly GalaSwap) comes in.
While the GalaChain team cannot comment on any potential centralized exchange listings in the future of $FILM, they can predict that on or shortly after launch, the token will be listed on the decentralized exchange protocol at GalaConnect, allowing users to create and accept peer-to-peer swaps to and from $GALA.
This important feature will give $FILM owners the freedom to exchange their $FILM for $GALA while giving aspiring $FILM owners who did not take part in the TGE a chance to receive $FILM by using $GALA, which is available on dozens of exchanges worldwide. TGE a chance to acquire $FILM by using $GALA, which is available on dozens of exchanges worldwide.
