Gigliola@gigliola

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Ben Leavitt and Keith D on Memes & Morels explain FWA, short for Fake World Assets. This new project turns idle NFTs into earnings-generating assets by pooling an NFT with a specific amount of ETH. Anyone pays to spin for a shot at winning the NFT from that pool while providers collect rewards every time someone plays. Winners can keep the NFT or take 85% of the backing value in ETH instead. The concept plays on real world assets with odds of pulling a specific NFT described as incredibly low. It aims to create utility for holding NFTs during bear markets though discussions continue about making mechanics more streamer-friendly and connecting to IP values. Speakers noted pricing mechanisms for rare items like diamond punks are still being tweaked. The project has gained significant attention on crypto Twitter within the NFT and ETH worlds.

2w

Gigliola@gigliola

Follow

Ben Leavitt and Keith D on Memes & Morels explain FWA, short for Fake World Assets. This new project turns idle NFTs into earnings-generating assets by pooling an NFT with a specific amount of ETH. Anyone pays to spin for a shot at winning the NFT from that pool while providers collect rewards every time someone plays. Winners can keep the NFT or take 85% of the backing value in ETH instead. The concept plays on real world assets with odds of pulling a specific NFT described as incredibly low. It aims to create utility for holding NFTs during bear markets though discussions continue about making mechanics more streamer-friendly and connecting to IP values. Speakers noted pricing mechanisms for rare items like diamond punks are still being tweaked. The project has gained significant attention on crypto Twitter within the NFT and ETH worlds.

2w