What is a Rare Apepe NFT & Why It’s Gaining Popularity! Yet another Bored Ape Yacht Club NFT derivative takes OpenSea by storm, dominating the charts to become the most highly traded NFT within the past 24 hours.
About Rare Apepe
The Rare Apepe NFT collection has become a big buzz in the community after the project was recently verified by Opensea and actually managed to top the Opensea charts and reach a staggering floor price of 1 ETH.
Seemingly started as a meme project, the Rare Apepe NFTs are illustrated as a mix of Bored Ape NFTs and the Pepe meme. The projects official name, Rare Apepe YC, also gives away the fact that this project was made to be a derivative of the popular Bored Ape Yacht Club NFTs.
— Rare Apepes (@RareApepeYC) August 10, 2022
In just 7 days the project’s trading volume was able to surge by more than 900% and by more than 500% in 24 hours, helping it land on the top of the OpenSea charts for a while.
Reason For Its Recent Pump
The community has been buzzing to find out why this collection has jumped in price and sales volume so suddenly the past week, and one of the reasons why this project was able to succeed recently was theorized to be because of its dedication to building a strong community.
The Rare Apepe collection seems to brand itself as a community-based meme culture project. Although the collection itself isn’t that new, it has however, been reported and delisted by Opensea a number of times before.
We were rejected twice with no explanation. We didn't have any OpenSea contacts we could reach out to personally. We told you about it. Then all of you tagged OpenSea like there's no tomorrow. And now we got that badge. Thank YOU, Apepe Fam. This is only the beginning #RiseOfRAYC pic.twitter.com/WEwqEFWnuR
— Rare Apepes (@RareApepeYC) August 9, 2022
Because of this, both the project team and the community of holders have dedicated themselves this past week to tweet and tag the opensea and spread word about their project in order for the collection to not only be delisted, but to be verified as an official project. Which it recently succeeded to do so.
In conclusion, community-building seems to be an incredibly big factor in determining the success of an NFT project, and with Rare Apepe YC, they were able to make holders feel like an exclusive community who were all in with this inside-joke of a meme.