The Bull affair in favor of fake global assets

The Bull affair in favor of fake global assets

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Skeptics hailed TokenWorks’ fake global assets as a one-trick pony, just another blockchain gaming app that wouldn’t survive past its initial $FWA rewards phase.

Full disclosure, I’m a user and holder here, so I’m biased as a fan. Still, I think we’ve already seen enough to declare that there absolutely is a there there when it comes to this project.

As those of you who read my beginner’s guide to the protocol last month may remember, FWA’s first 15-day $FWA issuance window was the platform’s main lingering question mark from the get-go.

A Beginner’s Guide to Fake Global Unbanked Assets

Fake World Assets is Ethereum’s NFT gacha. Here’s how it works, how to play, and what to watch out for in the future.

Could this until onchain survive after the end of its direct priming period?

Fast forward to today, a month after the project launched on Ethereum, and FWA’s introductory broadcasts have come to an end, but the broader tokenomics flywheel of gacha has continued to spin, refine, and more, allowing the platform to gain real fundamentals and a growing ecosystem of expansions along the way.

So here are the arguments for FWA right now, the main pillars that, as an aficionado myself, I think you should pay attention to in the future.

📈 FWA’s fundamentals rival protocols many times its size

According to the FWA pulse In the tracker dashboard, FWA has processed +17,239 ETH in total volume across +162,000 settled “opens” (i.e. gacha pulls) so far, with approximately 1,108 ETH in total value locked (TVL) across +5,400 live positions.

Additionally, the all-time protocol fees exceeded +1,777 ETH collected, with approximately 406 ETH already funneled into $FWA redemptions and approximately 138 ETH still in reserve. Not too bad, right?

FWA has Also has become a legitimately significant consumer of Ethereum gas. On his craziest day yet (July 25), he briefly became the the largest consumer of gas, even ahead of Tether and Circle at the time. Hence the common community joke that FWA will “save Ethereum”. Whether or not you like spinning for random NFTs, it’s pretty cool to see this mainnet can always support new bursts of activity like this.

Of course, I would be remiss if I didn’t mention Determinedan anonymous analyst who recently emerged and began integrating FWA’s early stats into an impressive valuation case.

For example, they pointed out that when it comes to holders’ income, FWA has repeatedly ranked among the very best employees of Ethereum, on certain days beating DeFi heavyweights like Pendle, Sky and Uniswap combined and rank among the top 10 revenue generators in all of crypto.

From this reality, Purposeful pointed out that $FWA trades at approximately 1-2x the holder’s annualized income to their FDV, while some comparable protocols are currently in the category. Range 29-237x. Even a conservative The reassessment of these other projects suggests significant upside potential, and even without revenue needing to rise significantly further from here on out.

🧩 An ecosystem of permissionless extensions has started to flourish

One of the most interesting things to watch around FWA over the past month has been the number of third-party developers who have started building extensions on top of the main protocol. Composability without permission ftw.

For example, I’m sure I’m missing some, but a few of these projects I’ve followed so far include:

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  • FWAAHan alternative interface of Austin Griffith.
  • Pull poolchannel artist wallThe continuation of to collectively fund FWA withdrawals, i.e. pool ETH to accelerate exposure and split FWA settlements into $ as well as prorate rewards.
  • SOFTa liquid FWA safe by madam/acc which operates $FWA and ticket fees on large shared positions and runs its own King-of-the-Hill side game (buy a ticket, become temporary king, survive uncontested to claim the vault).
  • FWAPor Fake World Asset Pools, is To leave And JamesonThe shared pool of which combines depositors’ NFTs and ETH into FWA with minimum backing, then allows a holder to continually recycle positions while distributing PNL and $FWA rewards among depositors.
  • Gacha Battlesa win-win multiplayer game of Eric Conner where players draw directly from the live FWA pool, and whoever receives the highest ETH backing wins the full pot for that round.
  • FWA.gganother layer of play taken by Oh which stacks 1v1 pack battles and a growing jackpot on top of FWA draws, with on-chain prediction markets also said to be on the list.

None of the above projects were built by TokenWorks, or even explicitly requested, which is the kind of organic, creative activity you want to see so soon if the FWA protocol is to gain true sustainability.

🎟️ Here is a new distribution route for NFTs

The new FWA primitive, FWAIR Launchesallows you to directly launch a new NFT collection In its shared gacha pool instead of running your own solo mint.

As for the basic mechanics, supporters support a position with ETH up front, then the collection enters the pool once fully backed up, after which the artist earns ongoing fees through pool activity instead of a one-time windfall.

The first test version, PFP FWAIRa 111-coin PFP collection made by TokenWorks, went live this week, with each position backed by 0.25 ETH. According to the official summary report by Adam, 591 wallets made 17,735 total purchase attempts to continue the decline, producing the second highest number of 1D + ETH spins spent in FWA to date (if my math is correct).

Of course, more drops like this can function as important catalysts and not just gimmicks. The next version on the list here is that of Sterling Crispin. Save ETHa 1,000-coin, all-on-chain collection focused on preserving Ethereum’s early history (and paired with a card game). It is should be released tomorrow at noon ESTso keep it on your radar.

🛠️ More official features mean more potential

The success achieved by FWA so far found its initial infra-foundations. However, the TokenWorks team can still build on the underlying protocol and extend it in all sorts of different official ways.

For example, we know that the developer duo is about to roll out greater pool customization options, starting with user-owned pools. This advancement itself opens the door to a multitude of other features and possibilities.

Additionally, FWAIR PFPs can be staked to gain early access to deploy custom pools on FWA, showing how the protocol itself and its growing synergies can increasingly foster a demand nexus for NFTs in multiple directions: it focuses turnover activity towards old NFTs, collecting activity towards new NFTs, And hold activity towards NFT benefits, etc.

🐂 Bullish News

Can FWA grow from just a gacha game to a major collectibles market? Can the main pool continue to diversify significantly? Can the symbolic steering wheel continue to turn long into the future?

These are open questions that we will have to wait and see. But what we can I already know it’s FWA has has accumulated considerable fundamentals even after the end of its issuance phase. It integrates a third-party ecosystem and new features, while being good for Ethereum itself via gas consumption and not just for people who like gacha.

Add everything I described and my rating here is definitely Bullish. A month later, FWA hasn’t become a flash in the pan, but rather has brought an electricity to the NFT scene that we haven’t seen in years.

Personally, I’m more interested in whether the FWAIR Launches format establishes itself as a large distribution channel and what other primitives will be built on top of the main protocol in the future (whether officially through TokenWorks or unofficially through the community).

My conclusion is that if you’ve considered FWA a novelty, or simply haven’t looked closely yet, it deserves at least a second look. And if you want more content on this one, be sure to keep an eye on the podcast because we have a special episode on FWA coming out next week!

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