Peter Kell, owner of one of the most remarkable non-fungible tokens (NFT) “Homer Pepe” has traded it for 205 Ether ($320,000) in June 2021. The one-of-a-kind token, a card, depicts a hybrid between Homer Simpson and the frog meme Pepe the Frog. Pepe, a character designed by Matt Furie, has inspired a slew of memes, such as the "Rarest Pepe," one of the earliest blockchain art initiatives. The Rarest Pepe, the Homer Simpson one that was recently purchased, is a piece of Joe Looney's Rare Pepe collectibles business, which he launched in 2016. It was not a digital collectible from a famous person or a unique audio-visual release from an artist this time.
“Homer Pepe,” is a digital card that combines The Simpsons icon Homer Simpson with meme sensation Pepe the Frog, was purchased for 205 ETH, which is now worth about 321,440 USD. The digital collectible was a one-of-a-kind version, which accounts for some of its apparent worth. Peter Kell, the card's seller, celebrated his unexpected wealth on Instagram yesterday. “This is an extremely crazy occurrence in the NFT world,” he added. I have realized the importance of digital arts. More evidence that NFTs are the real deal and will play a significant role in the future of art sales.”
In 2018, Kell purchased Homer Pepe at the Rare Art Labs Digital Art Festival. Kell purchased the item for 38,500 USD in bidding for several other rare Pepe the Frog collectibles. It was the most expensive item in the collection due to its exorbitant price tag. Homer Pepe's value has risen by almost 700 percent in less than three years because of Kell's sale. It is another astonishing NFT acquisition that will undoubtedly elicit some suspicion. This year, the technology, which guarantees verifiable exclusivity and control over digital assets, has made its way into the public, highlighting Ethereum's capabilities.
“I regard HOMERPEPE as the most important NFT in art history since its headline-making sale in 2018 encouraged so many of the early crypto artists to think we could put our art to work establishing both a marketplace and faith around this new technology,” said Matt Kane, a well-known blockchain artist.
Kell had the card until recently after he purchased it for 38,500 USD at a live blockchain art auction (first of its kind). This was the highest documented price for an NFT at the time. The card not only has a place in NFT history, but it also appears in the award-winning documentary "Feels Good Man."
TokenAngels, the current possessor of the Homer Pepe card, appears to be collecting many other NFTs in the collection, having purchased the Rarest Pepe one shortly after it was put up for sale. “I had to sell a few [CryptoPunks] quickly,” he stated. It was just a fraction of what they were worth, but it was critical to get the money together to complete the purchase on time!”
NFTs have experienced enormous growth and attention in the crypto industry over the last year. With almost 300 Million USD in only the last two months, it is safe to assume that the market will continue to pay attention to this business.
In general, NFT sales have exploded this year, with more than 300 Million in sales in the first two months. According to Alex Atallah, co-founder and Chief Technical Officer of OpenSea, the market has expanded by more than 7000 percent since last year. “The February Ethereum NFT market crossed $300 million after @3LAU's decline last night. On March 1, he stated, "That's a 7450 percent increase from last year," he added.
3LAU, a well-known musician, created history when he teamed up with Origin Protocol to distribute his new album via an NFT auction to the top 33 bidders. More than $11.6 million was raised, with the highest bidder giving $3,666,666.
Although digital art remains a contentious topic, the exorbitant prices some NFTs command have served to attract attention to the space.
Nonetheless, with so many newcomers eager to join the party, NFTs may be here to stay.