Over the past decade, fans of television and film have seen a shift in content consumption. For decades before the 2000s, media consumption remained virtually unchanged; people got their news and entertainment from the TV, radio, newspapers, magazines, and other traditional forms of media. Now websites and streaming services have replaced the need to go to brick & mortar stores for entertainment. Nowadays, people can stream music, videos, and movies from the comfort of their homes. In fact, currently over 60 percent of households with a broadband connection in the U.S. have at least one subscription to a streaming service.
And now we are on the verge of another revolution on the media industry: blockchain technology and its decentralized natureoffers users a more immersive way to participate in the content they consume – through film non-fungible tokens (NFTs). NFTsgive creators new ways to interact with their audiences, raise money, create new distribution windows, and turn all of it into a proof of concept to sell their movies and TV shows.
In this new model, film enthusiasts will not only be able to stream content, but directly support the artist through owning a small share of the end product, while gaining access to talent through immersive experiences and possibly receiving rewards while doing so. Filmmakers and creators benefit through enhanced creative license and direct ownership over their visionbeyond that which would be offered by a legacy studio. It’s a win-win situation for both creators & consumers.
Leading this decentralized entertainment revolution is Gala Film, launched in August 2022, by the same minds behind Gala Games and Gala Music. Their leading Web3 entertainment ecosystem will host and stream new projects, immersive and exclusive content, NFTs and give fans control over their entertainment. Fans have what is called “user ownership”through the Gala Film Nodes, the foundation of the Gala network. By purchasing a Node, fans support the Galaverse, receive exclusive rewards and experiences.
In the past month, Gala Film Nodes went on sale for the first time. Nodes can be purchased with $GALA, the blockchain-based token that can be used in the Galaverse as a means of payment. As such, $GALA can be used to buy non-fungible tokens (NFT) in the different Gala Shops as well. Gala aims to create an interoperable ecosystem (Games, Music, Film) that provides players with blockchain-based ownership over the assets they earn or win (play2earn, listen2earn, watch2earn), using $GALA as a fungible currency that makes it possible to transfer value in the platform.
With components in games, music & soon film, the Galaverse is arguably the most well-rounded & ambitious Web3 ecosystem currently operational, when compared against other major Web3 players such as $MANA ecosystem (Dencentraland), which remained strictly focused on games in the space. It will be interesting to note if other ecosystems will also branch out into other sectors of the entertainment industry now that Gala has taken the plunge. The only question left is how soon the music & film industry more generally will make the move towards Web3.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
