Rare Pepe Valuation
Last updated
Last updated
Rare Pepes are the first art project in the history of NFTs. In a sense, they were to Bitcoin what Cryptopunks are to Ethereum.
Part of the reason why Rare Pepes are so valuable is because they are more difficult to get compared to most ERC-721 NFTs.
Pepe valuation is based on 3 factors:
Age (issuance date)
Rarity (supply)
Dankness (memetic power)
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.
“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).