Rare Pepe Valuation

Rare Pepes are the first art project in the history of NFTs. In a sense, they were to Bitcoin what Cryptopunks are to Ethereum.

Linear timeline comparing Rare Pepes to Ethereum projects like Cryptopunks

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).

Pepe valuation is based on 3 factors:

• Age (issuance date)

• Rarity (supply)

• Dankness (memetic power)

The Pepe valuation triangle

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

In 2018, a digital arts conference Rare AF 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

“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).