Fake World Assets (FWA), an Ethereum-based NFT gacha protocol developed by the two-person team Token Works, briefly surpassed Solana’s Collector Crypt in daily revenue following its relaunch, highlighting renewed interest in blockchain-based NFT gaming despite Ethereum’s higher transaction costs.
According to DefiLlama, the protocol generated $447,604 in revenue on 25 July, just four days after relaunching on 20 July. During its peak day, total protocol fees reached approximately $1.6 million, supported by nearly 2,000 ETH in trading volume across around 90,000 transactions, including roughly 35,000 gacha pulls.
Although the early momentum has slowed, Fake World Assets remains one of Ethereum’s leading revenue-generating protocols. Over the past 24 hours, it produced $167,869 in revenue, ranking second only to Sky, which generated $464,303, according to DefiLlama. The protocol continues to outperform several established Ethereum applications, including Aave, Uniswap, and Lido.
Meanwhile, Collector Crypt has regained the top position in daily gacha revenue, recording $270,186 over the same 24-hour period. While Fake World Assets made a strong debut, its daily revenue has fallen by more than half since its launch peak, and its incentive programme—offering token rewards to early users—will conclude 15 days after launch. Collector Crypt also maintains a significantly larger monthly revenue base.
Developed by blockchain builders known as Adam (@Rhynotic) and Teto (@tetonotsorry), Fake World Assets is a self-funded project that playfully references the “real world assets” narrative through its name.
NFT-backed gacha model
The platform allows users to deposit ETH-backed NFTs into a shared prize pool. Participants pay ETH to receive a randomly selected NFT, with prices determined by the underlying ETH value of each asset. Users can either retain their NFT or sell it back to the protocol for 85% of its ETH backing, while the remaining amount is retained by the platform.
Random outcomes are powered by Chainlink VRF, and the prize pool has expanded to more than 1,500 NFTs, including high-value collections such as CryptoPunks.
Fake World Assets also incorporates a “loss-to-earn” mechanism, rewarding NFT depositors whose assets are selected by buyers through token emissions and fee-sharing. During the first 15 days after launch, the protocol distributes 1% of its token supply daily to purchasers and another 1% to NFT depositors.
Collector Crypt remains market leader
Despite the recent challenge from Fake World Assets, Collector Crypt continues to dominate the on-chain NFT gacha sector. Since launching in December 2024, the Solana-based platform has enabled users to open digital packs backed by authenticated physical collectibles, including Pokémon trading cards.
The platform processed more than $209 million in pack purchases during June, accounting for roughly two-thirds of the sector’s record $324 million monthly volume. It also surpassed $50 million in cumulative revenue in mid-June.
Growth has continued with the listing of its CARDS token on KuCoin in early July, followed by the launch of a new gacha product by Jupiter, built on Collector Crypt’s infrastructure, further strengthening its position in the Solana ecosystem.
