This article explains in detail how media is managed after importing to FCP X from the Frame.io panel.

When media is dragged from the Frame.io Workflow Extension into the Media Browser or the timeline, Final Cut Pro X downloads the file and it is stored in your chosen storage location. By default, this is set to In Library. However, you can select a folder outside of you Library if you want to keep your Library size small.

Note: The download will continue in the background within Final Cut Pro X while navigating other pages within the Frame.io panel.

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