An NFT gacha protocol called Fake World Assets briefly overtook Solana’s Collector Crypt in daily revenue on July 25, according to DefiLlama data. The Ethereum-based protocol, built by the two-person team Token Works, had just relaunched on July 20. On its peak day, it generated $447,604 in revenue, ahead of Collector Crypt’s average of roughly $360,000 per day over the prior week. Total fees paid into Fake World Assets that day reached $1.6 million, with about 2,000 ETH in volume across some 90,000 transactions, including roughly 35,000 individual pulls in the four days after relaunch.
The surge has since cooled. As of July 28, Collector Crypt retook the lead with $270,186 in revenue over the past 24 hours against Fake World Assets’ $167,869. Still, Fake World Assets ranks as the second-highest revenue-generating protocol on Ethereum over the past day, behind only Sky’s $464,303, and ahead of Aave, Uniswap, Lido, and the ETH burned by the network itself.
The flip shows demand for gacha mechanics on Ethereum despite higher transaction costs compared to Solana. However, sustainability is uncertain: daily fees have dropped by half from the July 25 peak, the token emissions that reward early users expire 15 days after launch, and Collector Crypt’s monthly numbers remain an order of magnitude larger.
How Fake World Assets Works
Users deposit ETH-backed NFTs into the protocol. Purchasers pay to pull a randomized item from the pool, with pricing that fluctuates based on the ETH backing each asset. A purchaser can keep the NFT or sell it back for 85% of its backing, with the protocol retaining the remainder. Randomness comes from Chainlink VRF, and the deposited pool has grown past 1,500 NFTs, including CryptoPunks as top-tier prizes.
The protocol also runs a loss-to-earn mechanism: depositors whose assets get pulled by other users are compensated through token emissions and fee distributions, an incentive to keep the pool stocked. FWA token emissions run daily for the first 15 days after launch, with 1% of supply going to purchasers and 1% to depositors each day.
The Solana Incumbent
Collector Crypt has led the onchain gacha category since launching its feature in December 2024, converting authenticated physical Pokemon and other trading cards into NFTs on Solana. Users spent over $209 million on its packs in June alone, roughly two-thirds of the category’s record $324 million month. 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 powered by Collector Crypt’s infrastructure on July 13.
Fake World Assets was built by developers known as Adam (@Rhynotic) and Teto (@tetonotsorry), who say the project is self-funded. Its name plays on the “real world assets” label attached to Collector Crypt’s tokenized trading cards.
