Fake World Assets (FWA) is an Ethereum protocol allowing users to pay to spin an onchain gacha machine for a chance to win a randomly selected NFT backed by Ether, with prizes from well-known collections like CryptoPunks, Azuki and Lil Pudgys. Onchain gacha volume hit a record 324 million dollars in June, with approximately 70% of buyers choosing to convert their winnings to FWA rather than keeping the NFT. Simon Dedic, founder of Moonrock Capital, remains skeptical and believes current activity is primarily driven by token incentives rather than genuine demand. Behavioral economists Benjamin Lockwood (Wharton) and Meir Statman (Santa Clara University) compare the mechanic to purchasing abandoned storage units, combining hope for riches with the pleasure of play.
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