Fake World Assets' Universal Liquidity Pool Ignites NFT Market
Adam Rhynotic's protocol, Fake World Assets (FWA), is shaking up the NFT market by introducing a universal liquidity pool where buyers can purchase any NFT at any time.
Launched six weeks ago on Ethereum mainnet, FWA's core idea is to be the 'universal buyer' that never existed before in the NFT space.
The protocol works similarly to Uniswap v2, with a depositor listing an NFT and pairing it with a corresponding amount of ETH, their stated valuation. When a purchaser pays a fee to 'spin' the pool, Chainlink's random number generator selects one NFT from among thousands.
There are no gas wars or instant sellouts in FWA; instead, the artist earns revenue through fees accrued while the collection sits in the pool. The protocol has already absorbed real-world stress, including a CryptoPunk being deposited with 300 ETH backing and pulled early in its life.