A newly relaunched NFT gacha protocol on Ethereum, Fake World Assets, briefly became the second-highest revenue generator on the network, trailing only Sky on July 25. That day, it pulled in $447,604 in revenue, according to DefiLlama. The figure was enough to overtake Solana-based Collector Crypt, which had averaged around $360,000 daily over the prior week.
The launch surge and its quick fade
Fake World Assets relaunched on July 20 after earlier work by its two-person team, Token Works. In the four days after, users made roughly 35,000 individual pulls, with volume near 2,000 ETH across about 90,000 transactions. Total fees on July 25 hit $1.6 million. But the spike didn’t last. By July 28, Collector Crypt had retaken the lead with $270,186 in daily revenue, while Fake World Assets fell to $167,869. That still put it second among Ethereum protocols, ahead of Aave, Uniswap, and Lido.
The quick reversal raises questions about sustainability. Daily fees have dropped by half from the peak. The protocol’s token emissions, which reward early users, only last 15 days after launch. And Collector Crypt’s monthly numbers remain much larger: June alone saw over $324 million in pack sales across the whole gacha category.
How Fake World Assets works
Users deposit ETH-backed NFTs into the protocol pool. Buyers pay to pull a random item, with a price that shifts based on the ETH backing each asset. They can keep the NFT or sell it back for 85% of its ETH value, with the protocol keeping the rest. Randomness comes from Chainlink VRF. The pool has grown past 1,500 NFTs, including high-value items like CryptoPunks.
There’s also a “loss-to-earn” mechanism. When a deposited asset gets pulled, the original depositor receives compensation through token emissions and fee distributions. The idea is to keep the pool stocked even when users lose their NFTs. For the first 15 days, 1% of the FWA token supply goes to purchasers each day and another 1% to depositors.
Solana’s incumbent remains strong
Collector Crypt has led the onchain gacha space since launching the feature on Solana in December 2024. It converts authenticated trading cards into NFTs. Users spent over $209 million on its packs in June alone. The platform crossed $50 million in cumulative revenue by mid-June. Its CARDS token listed on KuCoin on July 9, and Solana DEX aggregator Jupiter launched a gacha product using Collector Crypt’s infrastructure the same week.
Whether Fake World Assets can hold its position will depend on more than the initial hype. Ethereum transaction costs are higher than Solana’s, and the temporary token incentives are already winding down. But the early activity suggests real demand for gacha mechanics on Ethereum, even if the revenue has cooled quickly.
