Non-fungible tokens, or NFT, are having a bit of a moment in the online zeitgeist. In fact, a Homer Simpson Pepe digital artwork has just fetched a casual $390,000 online.
Firstly, what is NFT?
Non-fungible tokens (NFT) are in essence a unique digital collectible or token. They can take a myriad of different forms, from artwork to trading cards to digital items like shoes and houses.
Unlike physical collectibles, an NFT contains unique information that makes it a true one of a kind that is easily verifiable.
NFTs also exist as an entry on a blockchain, much like regular cryptocurrencies like Bitcoin and Ethereum. However, NFTs have one big different — being non-fungible.
The point of crypto is to be fungible, which means that one coin can’t be distinguished from another and have the exact same value, feeing into the idea of an decentralisation and anonymity.
An NFT is the complete opposite. Being non-fungible makes it purely one-of-a-kind and, importantly, authentic. There is and always will only ever be one verifiable copy of an NFT.
A lot of NFT tokens are built using Ethereum token standards (but other standards also exist) that are essentially blueprints that allow them to be compatible with crytpo ecosystems and wallets.
Because of all of these factors, some NFT have become incredible valuable.
Just last week a 10-year anniversary Nyan Cat NFT sold for US$754,000. And Grimes recently sold 10 pieces of NFT art for over $7.6 million.
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Homer Simpson Pepe NFT
Enter the Homer Simpson Pepe NFT. A meme collectible that just sold for 205 Ethereum, which roughly translates to $390,000.
This EFT is relatively self explanatory. It’s a depiction of Homer Simpson combined with internet meme Pepe the Frog. It’s set against the classic cloudy Simpsons backdrop and basically looks like a digital baseball card.
It’s worth noting that while Pepe was once a harmless meme, his image was co-opted in recent years by members of the alt-right. He was declared a hate symbol by the Anti-Defamation League back in 2016.
The former owner of the NFT, Peter Kell, posted a picture of ‘HomerPepe’ to Instragram earlier in the week after he sold it.
“They laughed when I bought HomerPepe for $39k. But when I sold it for 205 ETH… ???????????????? ????????????but yeah. sad to see my HomerPepe story come to an end,” Kell said.
He also used to post to theorise about the future of NFT.
“But this is an absolutely insane event in the NFT world. I’ve definitely learned the value of Digital Art. More proof that NFTs are the real deal and will be a big part of how art is sold in the future.”
Yesterday, the former owner of ‘Homer Pepe,’ Peter Kell, posted on his Instagram that he had sold it for 205 Ethereum, or $312k.