I’ve been buying RarePepes, what some people call the most important NFT collection of all time.
RarePepes launched in 2016 (!) and were the first crypto art collectibles to go mainstream. They don’t get as much attention as other collections like Cryptopunks partly because, from the outside, the buying process can seem confusing. In this video I go into why NFT collectors are betting big on RarePepes and the easiest way to value and buy one.
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0:00 START HERE
1:21 the best meme in history
2:22 the RISE of RarePepes
4:06 the key is provenance (IMPORTANT)
6:27 adoption is coming
7:39 grandpa giancarlo
7:57 how to value Rare Pepes
9:23 how do you BUY a Rare Pepe?
10:39 my process
I’ve been buying into what some people Call the most important nft collection Of all time at the very least it’s one Of the oldest collections and as you’ll See in this video it’s still possible to Get good pieces for less than one each Now the collection i’m talking about is Rare pepes and you know i’m surprised When i look back at my library of nft Content here on youtube.com and not only Have i never covered rare pepe’s in Death before i couldn’t even find any Mentions of the project at all and Honestly that’s unacceptable so to all The ride or die pepe heads out there all I can say is meia culpa but the good News is that i think these are still Somehow under the radar and rare pepe Just don’t get as much coverage as other Collections and that might be because They’re a little intimidating from the Outside right is it a bitcoin nft is it An ethereum nft is it official or Unofficial how many series are there and How many cars are there in each series I’m actually gonna make this all easy Peasy in this video but that little bit Of friction has kept some collectors Away compared to other historical Collections like crypto punks so with That said let’s dive into the lore Behind rare pepes and why i decided to Buy in oh and by the way we’ve had a lot Of new viewers recently and so this is a
Good time to mention that i’m never Sponsored by any of the projects that i Cover on this channel i’m never taking Money or white lists or anything like That it’s just a guy on youtube talking About non-fungible tokens so if you like These kinds of videos don’t forget to Subscribe because i have no plans on Stopping anytime soon so first off i’m Sure a lot of you know who pepe is but If you don’t we have this thing on the Internet called memes and if you were to Take a ranking of all the top memes in History then pepe would probably be at The top okay the absolute apex predator It probably has the most derivatives of Any meme ever made it’s ubiquitous Across the internet and it’s almost like A base layer for different communities To express themselves using a familiar Internet mascot and because of that pepe Has been used in a million different Contexts okay it’s been used by some Shading controversial groups it’s been a Human rights figure in some cases but Nowadays most people understand that Pepe is just whatever you want it to be And the crypto community especially Still comes back to pepe as one of its Go-to memes for pretty much any occasion Oh we have a bear market well there’s a Pepe for that price is good and you also Got a pepe for that as well if you want A full origin story behind the pepe meme
And its creator matt fury i highly Recommend watching feels good man it’s a Great documentary that you can find here For free on youtube and it should Honestly just be required viewing for Any aspiring meme connoisseurs so with That in mind the context behind rare Pepes is that back in 2016 pepe was this Huge meme bitcoin was also getting more Popular and people were experimenting With different crypto assets and so Naturally it was only a matter of time Until the two ideas merged and in September of 2016 this nakamoto where Pepe was the first one minted on Counterparty which is a protocol on Bitcoin and people seem to like the idea Of a crypto art collectible and so all These fans started to make their own Pepes but in order to Curate all these derivatives into a Cohesive collection a group of Developers that call themselves the rare Pepe scientists i’m not making this up Please stay with me they came out with Some requirements for what actually Constituted a real rare pepe for example It couldn’t be anything that was hateful And it had to line up with a specific Template that they put out and thus rare Pepe series 1 was born in 2016. 2016 Guys a lot has happened in the last five Years and these might as well be cave Paintings this put it earlier than any
Ethereum based nfts like crypto punks or Curio cards and while it was technically Not the first nft it was the first major Crypto art project that actually gained Traction and the reason some people call It the most important crypto art project Ever is because it was the first one That was actually traded for significant Amounts of money specifically there was The famous example of the homer pepe That was sold for 38 000 Which at the time was an insane amount Of money for an nft and it showed crypto Artists and enthusiasts that this was Actually a viable market and this Inspired many of the projects that came After and since then prices have pretty Much been up only and that homer pepe That was bought for 38 000 Was then later flipped in 2021 for 320 000 and the first nakamoto cards often Trade for six figures as well okay so Now that you two are a rare pepe Historian let’s talk about why people Are betting that these are gonna get Even more valuable over time now the Obvious question someone might have when They see a collection like this is why Okay why are people spending six figures On a token for one of the most commonly Shared memes of all time and mind you This collection isn’t even tied to the Original artist okay it’s just a group Of random people that were hanging out
In the forums in 2016. and that’s a good Question right i don’t know about you Guys but i myself have a little folder On my desktop where i save some of the Best memes i find on social media Because nothing hits better than Dropping that perfect pepe at the right Moment in time and obviously i haven’t Paid a dime for any of these right i Just right click save them like my Father did and his father before him the Key to understanding why rare pepes are Different comes down to something called Provenance and it’s one of the most Widely misunderstood concepts when it Comes to nfts and it’s even something That took me a long time for it to fully Click so providence is officially Defined as the history of ownership of a Value object or work of art or Literature you see when it comes to a Fine piece of art like let’s say you’re Buying a renaissance sculpture what is It that you’re actually buying well There’s two things so first you’re Buying the art itself so that you can Look at it and it makes your eyes feel Nice but then you’re also buying Something more abstract which is the Link from that piece of art to the Original creator and that verified Authenticity is what we call the Providence and if we quantify these two Factors we might say that it’s one
Percent art and 99 providence because You can make a perfect replica of that Sculpture or the mona lisa but you’d Probably only pay pennies for that Because it’s missing that link to the Original creator now with a physical Object you can’t separate those two Factors right because they’re tied Together and so you can’t just pull out The signature but on the internet you Can and that’s exactly what entities Allow you to do you’re not actually Buying the art itself okay you’re buying The providence in fact this is actually Better than the physical version because You can buy the providence without Making the object more scarce for Example let’s go back to the sculpture In order to buy the providence you also Have to buy the object and often this Means restricting access to the public And making it more scarce there are a Ton of beautiful sculptures out there in Random estates around the world that you And i can’t visit right but with nfts You can own the providence without Actually making the object or the art More scarce because as the critics will Tell you they can just right click save It whenever they want okay so we have This verifiable providence on the Blockchain but so what right if only 20 People ever cared about bitcoin or Ethereum then none of this would really
Matter however if you believe that There’s a significant adoption of web 3 Coming in the next several years and That nfts are going to be way more Common than they are today then you’re Going to have more and more people who Care about providence on the blockchain In the future people are going to be Bragging about owning a token that was Made by one of elon musk’s wallets or Buying the first nft that was created by Some digital artists before they were Even known and it all seems silly right Now but a lot of us have conviction that That’s exactly where we’re heading now Crypto art does become way bigger that Might lead you to ask the next question Which is okay what are gonna be the most Coveted assets in that new paradigm and You might come to realize that humans Are pretty simple creatures and we’ve Shown time and time again that we value Old things and the earlier the better And having the first of something is Ideal so that’s why people expect a lot Of the value to flow to the oldest and Rarest nfts because again you know with One million people caring about nfts It’s not a huge deal and they don’t get A ton of attention but it’s a different Game when we’re talking about a hundred Million or a billion people including People who spend ungodly amounts of Money on physical art personally for me
Even if the thesis doesn’t really play Out i’m still gonna be pretty okay with Having a rare pepe years from now Because i still think it’s a cool Representation of a big cultural moment And years from now when my grandchild Comes up to me and asks is it true that You own a rare pepe i’ll have a little Twinkle in my eye and i’ll tell them Mind your own business okay so that’s All the theory craft around why people Think these are gonna be more valuable But now how do people actually buy them And what should you look for if you Decide to jump in well if we take a look At this great explainer from the site Pepe.wtf Which i’ll link down below you’ll see That there are three main features to Look at you have the age the rarity and Of course the dankness or memetic power In terms of age what you should know is That there are 1774 different rare pepe cards broken up Into 36 series each with mostly 50 Unique cards cards in series 1 through 9 Were created in 2016 cards in series 11-30 were created in 2017 and cards in Series 31 through 36 were created in 2018. one thing that could come into Play down the road is whether or not Certain rare pepes came out earlier than Other popular collections for example Curio cards on ethereum were launched in
May 2017 so if you want a rare pepe that Was released before that you can go up To series 20. the next thing you want to Look for is the rarity or supply and the Most famous rare pepe is the one that we Already mentioned which is the homer Pepe and that’s partly because it is a One of one personally i would look into Cards that have a supply of less than a Thousand and ideally less than 100 if You can afford it and then finally you Have the dankness of the meme and Ideally what you’re looking for are cool Looking pepes that look good to you but That also might have wide appeal with a Large group of buyers and again if you Want to see the lore behind some of These cards i’ll direct you to pepe.wtf Okay so you’ve done the math and you Found the oldest rarest dankest pepe That you can find now how do you Actually go about buying it because Remember we said that this was launched On a protocol on bitcoin and i’m gonna Wager a guest and say that you’ve never Bought a bitcoin nft before all right Well you have two options the first is To buy it directly from counterparty Which was the original protocol and i’m Not gonna lie this is a little complex If you’re a beginner it’s not rocket Science but it does have a few extra Steps and so what i’ll do is instead Just point you to a video that gives you
The step by step on how to do that Instead today what i’m gonna do is show You the easier method which is just Buying rare pepes on openc just like you Would any other ethereum nft now the Reason this is even possible is because Many pepes have been wrapped using a Smart contract called emblem vaults and Essentially what these vaults do is they Take a bitcoin wallet and they put it Inside of a smart contract that can Become a tradable nft across ethereum These vaults are considered to be Completely safe and there’s a lot of Volume that goes through them but i do Believe that i looked into it and They’re not 100 open source and so if You’re paranoid what you can do is buy The emblem vault and then crack it open Pretty much immediately to get access to The underlying wallet and its contents Again that’s beyond the scope of what We’re gonna do today but there are Videos on youtube that show you how to Do this so finally let’s wrap this all Up and let me tell you the quick way of How i would go about buying a rare pepe So step one is going to pepe.wtf to pick Out exactly which card i want step two Would be looking at the current floor And any previous sales to get an idea of The market value and step three would be Finding the emblem vault for that card Making sure it’s official and then
Submitting an offer below the current Floor the reason i would go with offers Is because rare pepes are much more Liquid than your average profile pick And so people will often just take these Offers because they don’t come Frequently and they just might need Liquidity and this leads me to my last Point which is don’t buy into these if Your goal is to do a quick flip okay Like i said these are highly illiquid And personally i view them as a Multi-year hold and so i’m just gonna Buy them and forget about them unless of Course i ever have to do another job Interview in which case you best believe I’m gonna be flexing the dankest pepes That i own alright guys that’s it for Today thanks for watching and i’ll catch You in the next video
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