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

September 3, 2026

AI Summary

5 min read

In the first two weeks of Fake World Assets (FWA), you could not buy the project’s token. The only way to earn it was by participating in the protocol itself — depositing an NFT, purchasing a random pull, or otherwise interacting with the system. Adam, the builder behind Token Works, designed it this way deliberately. He had launched roughly 16 projects over the prior two years, and he had watched external factors — a Trump tweet, a sniper bot, a macro move — kill promising mechanisms before they had a chance to find their audience. By making the token earn-only at launch, he tried to ensure that the people who ended up holding it were the ones who actually understood what they were using, not just early speculators looking for a flip.

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What you'll learn

  • 1 (00:37) **What is Fake World Assets (FWA)?** - Adam introduces FWA as a permissionless, decentralized NFT pool where anyone can deposit an NFT backed by a specific amount of ETH, and anyone can purchase a random NFT from the pool, keeping it or selling it back for 90% of the backing.
  • 2 (02:54) **The Consumer Behavior: Why People Love FWA** - Adam explains that the core appeal is the speculative gaming aspect of buying a pack without knowing what you'll get, echoing physical collectibles like Pokemon cards.
  • 3 (04:02) **How NFTs Enter the FWA System** - Adam breaks down the deposit mechanics, inspired by a Uniswap V2 pool, where depositors set the price of their NFT by backing it with ETH.
  • 4 (05:47) **Incentives for Depositors: Why Seed the Pool?** - Adam details the economic incentives for NFT holders to deposit their assets into FWA, balancing risk and reward.
  • 5 (08:47) **Eric Conner on Why FWA is the Most Fun on Chain** - Eric shares his perspective as an NFT maxi, highlighting how FWA solves the liquidity crisis in the NFT market where many collections have gone to zero.
  • 6 (11:37) **FWA as a Liquidity Infrastructure for NFTs** - Eric positions FWA not just as a consumer game, but as a foundational liquidity layer for the entire NFT ecosystem.
  • 7 (16:00) **Growth Vectors: Custom Pools and Fair Launches** - Adam discusses the future of FWA, focusing on two key developments: custom user pools and the "FWA Launch" (Flare) mechanism for new NFT collections.

+ Full timestamped outline available in the app

Show Notes

What if the answer to NFT liquidity looked more like opening a Pokémon pack than trading on a traditional marketplace? FWA creator Adam “Rhynotic” joins David Hoffman and Eric Conner to unpack Fake World Assets, an Ethereum protocol combining random NFT pulls, ETH-backed liquidity and permissionless market infrastructure. They explore why FWA has made NFTs fun again, how its unusual pricing and buyback mechanics work, the FWA token, custom pools and FWAR's new approach to NFT launches.

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TIMESTAMPS

0:00 What Is Fake World Assets?
1:38 Making NFTs Fun Again
3:55 How the FWA Pool Works
8:42 Why Eric Is Bullish on FWA
13:20 A Liquidity Layer for NFTs
16:00 From NFTs to Real-World Assets
20:13 Pricing, Buybacks and Incentives
28:36 Custom Pools and New NFT Markets
31:57 The FWA Token
39:06 FWAR and a New Way to Launch NFTs
48:47 What Comes Next for FWA
50:12 Multichain FWA and the Bigger Vision
54:46 Closing Thoughts

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RESOURCES

Adam (Rhynotic)
https://x.com/Rhynotic

Eric Conner
https://x.com/econoar

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Not financial or tax advice. See our investment disclosures here:
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