Forget about DeFi; Non-fungible tokens (NFTs) are where they are. Proof of this is Homer Pepe, a rare NFT that combines the beloved Homer Simpson character with meme maestro Pepe The Frog.
Yesterday, the former owner of ‘Homer Pepe’, Peter Kell, posted on his Instagram that he sold it for 205 Ethereum, or $ 312,000.
Source: @ zippi101 on Instagram.com
‘Homer Pepe’ NFT Makes a 700% Profit
Kell’s story began at the Rare Art Labs Digital Art Festival auction in New York City in early 2018. Meme enthusiasts packed a small function space to boast on Pepe The Frog-inspired NFT artwork.
There was a whole range of works of art by Pepe on offer. This included a Salvador Dali-esque item with melted pepes instead of clocks in the artist’s surrealist style. But it was ‘Homer Pepe’ who was the star of the show.
Described by the auctioneer as “the most expensive rare Pepe there is”, a bidding war soon broke out to acquire “Homer Pepe”. And meIt was Kell who won with a final bid of $ 38.5,000.
Yesterday, Kell announced that he had sold ‘Homer Pepe’ for a whopping 205 ETH, which earned him a return of 700% on his investment.
Commenting on the sale, Kell said people mocked him when he paid $ 39,000 for ‘Homer Pepe’ over three years ago. But with the growing interest in NFTs lately, he finally had the last laugh.
He added that digital art and NFTs “are the real business”. Kell sees this as a trend that just keeps getting bigger over time.
“They laughed when I bought HomerPepe for $ 39,000. But when I sold it for 205 ETH … but yes. sad to see my HomerPepe story coming to an end. But this is an absolutely insane event in the NFT world. I definitely learned the value of digital art. Another proof that NFTs are the real business and will have a huge part in how art is sold in the future. # nft # digitalart. ”
Non-fungible brands fall within the artist’s domain
Bankless Podcast host David Hoffman said NFTs are amalgamating the world of art and crypto. But in a way that bypasses the technical bias that sometimes exists on the crypto side.
Hoffman said artists don’t care about Ethereum; You just want to express yourself creatively. He attributes the boom in NFTs to artists’ growing realization that NFTs are one way of doing this.
“We are at a turning point in history, especially in the history of artists. They don’t care about Ethereum, they don’t care about DeFi. They value being able to express themselves culturally and creatively, and they see NFTs as a means to do so. “
NFTs continue to disagree, particularly over the sums of money to switch hands for. But as Hoffman pointed out, NFTs are very much in the realm of artists and art collectors, not crypto token speculators.
Source: ETHUSD on TradingView.com