Bankless · Thursday, September 3, 2026
Adam (Rhynotic), creator of Fake World Assets (FWA), discusses the NFT purchasing protocol which functions as a decentralized, permissionless marketplace. The protocol allows users to purchase assets randomly from a pool priced by depositors and backed by ETH, aiming for a hands-off, enduring system.
“So for anyone who's listening doesn't know, it is a NFT purchasing protocol where basically there is a pool of assets that are priced by the depositors and they are priced by the depositors and they are backed by a certain amount of ETH. And then anyone can come in and purchase something randomly from the pool. and if they like it, they can keep it. If they don't like it, they can sell it back into, I think it's 90% of the depositors bid. And it's permissionless, decentralized, will go on forever.”
“The consumer behavior that we're going for is like the whole gacha thing. So you buy a Pokemon card pack, you get a handful of Pokemon cards. One of them is valuable. Sometimes one of them is very, very valuable, and that's kind of like the dopamine hit that people come back for. We're kind of replicating that consumer behavior with FWA.”
“Part of my inspiration was like a Uniswap V2 pool. And so yeah. For people who don't know what that is, like when you add liquidity to a Uniswap V2 pool, you have to basically say, I have this amount of asset and I have this amount of ETH and we're going to deposit and get LP tokens. And so you're kind of setting the value there.”