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Before non-fungible tokens became popular, people were trading virtual items called "pepe cards." These cards were based on a meme featuring a frog named Pepe, and they were collected and traded by members of the online community known as the "Pepe Collective." The value of a pepe card was based on its rarity and the popularity of the meme it depicted. Some pepe cards were so rare that they sold for hundreds of dollars. In 2017, the pepe market crashed after the Pepe Collective dissolved and many members left the community. However, some people continued to trade pepe cards, and a few websites continued to support the market. In 2020, a new type of virtual item called an NFT became popular, and pepe cards began to be traded again. However, the market for pepe cards is much smaller than it was in the past.
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