If you’re familiar with the Web3 space, then you’ll know that memes play a huge part in NFT and degen culture. You may have seen stories of projects with high-quality art and professional teams failing while collections of ridiculous memes from anonymous teams skyrocket’. What is the reason for this? Unfortunately, I do have an exact answer. However, we all know that memes have become an integral part of internet culture, and with Web3 being an extension of the internet, it’s only natural that they continue to thrive.
Pepe, The Frog
Speaking of memes, one of the most well-known is Pepe The Frog. Pepe is a green anthropomorphic frog with a humanoid body, and it originates from a comic book released in 2005 by Matt Furie called Boy’s Club. From comic book to the internet sensation, the little green frog became famous as its popularity grew across social media platforms such as MySpace and 4Chan in 2008. By 2015, it had become one of the most popular internet memes and had spread to other social media platforms such as Tumblr. There are different types of Pepe which includes sad frog, smug frog, angry Pepe and more. After Pepe The Frog took the internet by storm, in 2014, Rare Pepes emerged.
The Rare Pepe is a crypto project variation of the original Pepe The Frog meme, and various artists created it between 2016 – 2018. What made Rare Pepes different is that it was created as a tradable NFT collection with a total of 1,774 cards across 36 series. It was one of the most historically relevant collections as it brought the meme energy to the blockchain.
A meme fandom website states that “Rare Pepe is a flex and collectible item, ” used to boast to those who cannot afford one. If you think that NFT meme tokens are cheap, then think again. Rare Pepe’s official website shows us that there have been many 6 figure sales, meaning many cannot afford them. The internet is a weird and wonderful place.
The Legend Of Pepe Continues
In attempts to elongate the Pepe empire, Rare Apepe YC was recently born. Designed and created by Rare Labs, Rare Apepe is essentially a homage and double derivative of two of NFT culture’s most iconic works, The BAYC and Rare Pepes. This was a free-to-mint project, and the traits and attributes all match the BAYC, but they are pepe-fied. The art is actually very clean, and it’s been well received by the community.
Of course, a combination of a world-famous meme and The BAYC was going to perform well in the NFT space. At the start of the month, before gaining any momentum, Rare Apepes were being traded for 0.003; in other words, almost nothing. In the last few days, the collection experienced a massive influx of volume which saw the value ‘moon’ to a floor price of 1.5 ETH, where it hit resistance. It is unclear what the catalyst was, but those who got in early are laughing now.
In this brutal bear market where things just don’t seem to follow logic, it could be a good idea to keep your eyes peeled for the next meme project. By doing so, you may be able to find the next ‘moonbag.’