> For the complete documentation index, see [llms.txt](https://wiki.pepe.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wiki.pepe.wtf/chapter-2-the-rare-pepe-project/the-rare-pepe-blockchain-project/rare-pepe-valuation.md).

# Rare Pepe Valuation

Rare Pepes are the first art project in the history of NFTs. In a sense, they were to Bitcoin what [Cryptopunks](https://www.larvalabs.com/cryptopunks) are to Ethereum.

![Linear timeline comparing Rare Pepes to Ethereum projects like Cryptopunks](/files/nfxHINop6EcNBofIoSEb)

Part of the reason why Rare Pepes are so valuable is because they are **more difficult to get compared to most ERC-721 NFTs.**

![In February 2017, Bitcointalk member American Pegasus purchased a "My Little Pepe" card for 1 million PEPECASH (approximately $3,500 at the time of sale).](/files/F0O4305QYZVw0clW1x2v)

Pepe valuation is based on 3 factors:

* Age (issuance date)
* Rarity (supply)
* Dankness (memetic power)

![The Pepe valuation triangle](/files/61iLL5kC48JyHxZf129X)

All Rare Pepes are old, but the oldest are the most valuable.

In 2018, a digital arts conference [Rare AF](https://raredigitalartfestival.splashthat.com/) was hosted in NYC. It was the first conference of its kind as it was hosting the world’s first Rare Pepes auction.

The last art piece to be auctioned was a Rare Pepe card called “Homer Pepe”. It started a bid war between two individuals. The crowd was so loud that the two bidders didn’t hear who won the bid and ended up tossing a coin flip to decide who gets to buy the Homer Pepe card.

The card was sold for 350,000 PEPECASH ($39,000) to Peter Kell.

![Peter Kell with his prize possession - HOMERPEPE](/files/vnDNGnUXcO8iidB8zKER)

> *“What makes this Pepe worth so much? It’s the only one with a misprint. That’s value.”* - Peter

Later in March 2021, Peter sold Homer Pepe for 205 ETH ($320,000).