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It’s a list of Rare Pepe images—most in the form of trading cards—that are represented as digital assets on the bitcoin blockchain, making use of the same cryptographic properties that mean you can’t spend the same coin twice. And tied to the directory is the Rare Pepe Wallet, an online storehouse that collectors can use to keep, trade and sell the Pepe cards.
To be included in the directory, Rare Pepes are created using Counterparty, a platform which lets users issue digital tokens with a fixed circulation—like a mini currency—and release them in such a way that they can be exchanged between users over the bitcoin network.
The newfound uniqueness of the certified rares has led to a subculture of Rare Pepe traders which has coalesced around a Telegram group.