Island Sanctuary Felicitous Favors: New Rewards at Patch 6.5 (Update for Favor Cap)

You can't just follow the recs from Discord for these so here's a quick guide on what Felicitous Favors are and how to get them.
Aka you thought you were free from the gacha? Never.
This is an updated version of the first video, as new information has come to light! (There's a cap of 150 favors you can have at any time so you need to spend as you get them.)