Bankless

FWA and the New Market Structure for NFTs | Adam (Rhynotic) and Eric Conner

56 min

This episode explores FWA (Fake World Assets), a novel NFT purchasing protocol on Ethereum that functions as a decentralized AMM for NFTs. Creator Adam (Rhynotic) and enthusiast Eric Conner discuss how FWA solves NFT liquidity issues by allowing users to deposit NFTs with ETH backing, enabling random 'pack ripping' where buyers can keep or return items. The conversation also highlights FWA's Fair Launch mechanism for new NFT collections and its potential as composable infrastructure for real-world assets.

Summarized by Podsumo

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✨ Key Takeaways

1

FWA is a permissionless NFT protocol where depositors back NFTs with ETH, creating a randomized purchasing experience similar to opening Pokemon card packs.
2

The protocol acts as a universal liquidity engine for NFTs, solving the bear market problem of illiquid collections by providing constant buying and selling opportunities.
3

Adam emphasizes the 'Fair Launch' (FWAIR) mechanism for new NFT collections, which eliminates gas wars and instant sellouts by distributing through the FWA pool.
4

Eric Conner predicts most valuable assets on FWA in two years will be real-world assets like Pokemon cards or Rolexes, tokenized and insured by third parties.
5

The FWA token launched with no public sale—only earned through participation—and accrues value via buybacks from protocol fees.

💬 Notable Quotes

"I think it's a net positive. I think it's bringing fun back to NFTs, and that's what I've been trying for the last couple like years."
"If you're against the financialization of art, maybe ETH is not for you. I don't know. That's my personal opinion."
"The coolest thing is like, to me, FWA is like a protocol people can build on top of."