> 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](https://3880206652-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FtFGLX5vUSjQUQaKvGdHF%2Fuploads%2FJIuoZv8NhB9wmOoeRj3f%2Frare%20pepes%20and%20crypto%20punks%20timeline.jpg?alt=media\&token=397ed0ee-283d-482f-a2e5-858853bb68f0)

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).](https://3880206652-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FtFGLX5vUSjQUQaKvGdHF%2Fuploads%2FcuRzFGE1zCjRPhghvl2v%2Fmy%20little%20pepe.jpg?alt=media\&token=aee07e4a-a8f8-4e99-811c-1a8958f2ffd3)

Pepe valuation is based on 3 factors:

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

![The Pepe valuation triangle](https://3880206652-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FtFGLX5vUSjQUQaKvGdHF%2Fuploads%2FRq0lGDrKxTVILYhrQ7SZ%2Fpepevalue.jpg?alt=media\&token=2cef757a-f2f1-47aa-b633-fbcd63224e94)

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](https://3880206652-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FtFGLX5vUSjQUQaKvGdHF%2Fuploads%2FWCiQ5HuK9Luo4jkjTRp5%2FScreenshot%202022-03-27%20202651.png?alt=media\&token=d9e071af-a847-482f-835f-9afbe851f826)

> *“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).