The once humble Pepe the Frog meme has transformed into a multibillion-dollar cryptocurrency asset, leaving its 4chan roots far behind. What started as an anthropomorphic frog character used to express a range of emotions and situations has become a digital collectible gaining mainstream attention.
Rare Pepes, unique versions of the Pepe the Frog meme, are being sold as non-fungible tokens or NFTs. NFTs use blockchain technology to establish scarcity and ownership of digital items. The rarest Pepes are selling for millions of dollars, bringing Pepe’s valuation into the billions.
The transformation of Pepe from meme to digital asset has been a controversial one. Pepe was originally used across mainstream internet forums and messaging apps to express a range of emotions, from joy to sadness to irony. In recent years, some variations of the Pepe meme have been appropriated by racist groups to spread hateful ideologies. The Anti-Defamation League officially designated Pepe as a hate symbol in 2016, though Pepe’s creator Matt Furie has fought to reclaim Pepe from hate groups.
The use of blockchain and NFT technology has allowed Pepe’s value to be unlocked from its controversial past. Collectors and investors are focusing on rare, unique versions of Pepe that hearken back to the character’s roots as an expressive meme. The valuation of rare Pepes is based more on their artistic merit and cultural nostalgia than on any offensive messaging.
While Pepe’s creator Matt Furie retains certain rights over commercial use of Pepe’s likeness, rare Pepe NFTs have introduced a new layer of ownership enabled by blockchain. NFT owners have full control over the transfer of these unique digital assets, allowing them to buy, sell, and trade rare Pepes on secondary markets. Some rare Pepe NFTs have sold for over $500,000 in recent months.
The Pepe phenomenon highlights how digital communities can appropriate cultural artifacts in unexpected ways. What began as a lighthearted meme to express a range of human emotions has transformed into a valuable collectible and crypto asset class, despite its controversial and hateful associations. Pepe’s rise as an NFT and entry into mainstream crypto investment portfolios marks the latest chapter in the meme’s unpredictable journey.
