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Fake World Assets gacha NFTs drive a surge in Ethereum fees
Within days of launch, Fake World Assets briefly became Ethereum’s largest gas consumer, peaking at about $1.53 million in daily fees on July 25.
Crypto Twitter has latched onto Fake World Assets (FWAs), an Ethereum-based “onchain gacha” that turns users’ payments into a randomized NFT instead of a specific collectible.
The protocol quickly drew heavy network usage, using so much Ethereum gas that it briefly ranked as the chain’s top blockspace consumer by fees during a 24 hour period. At its peak on July 25, FWAs generated about $1.53 million in daily fees, and its fee revenue later eased to roughly $350,000 per day, an annualized run rate of about $268 million.
According to Cointelegraph, TokenWorks reported total value locked rising to more than $6.15 million by July 31. By August 1, FWA had recorded about 10,000 ETH in volume and 100,000 purchases, with some participation tied to early token incentives.
Not everyone expects the hype to last. Cointelegraph includes commentary from Simon Dedic, founder of Moonrock Capital, who said activity appears driven by token incentives rather than sustained demand. He described the mechanic as targeted at crypto users looking to gamble and speculate.
Latest closeEthereum $1,864.81 ▼0.9%