How Fake World Assets and onchain gacha became crypto’s latest craze

Fake World Assets turns forgotten NFTs into an onchain lottery — but is crypto’s latest obsession built to last?

Just when you thought crypto was getting boring, a new phenomenon is lighting up Crypto Twitter — Fake World Assets (FWAs). Yes, really.

It’s the latest iteration of the onchain gacha craze, where users receive a random collectible, or collectibles, that are usually worth very little, but are sometimes worth quite a lot.

Within four days of launch, FWAs guzzled so much Ethereum gas that they briefly became the chain’s largest gas consumer by fees over a 24-hour period.

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