Prototype of Batman who laughs?

I watched a youtube video recently where I heard the claim that this cover features a prototype of the ‘who laughs’ concept, so Batman who laughs, Superman who laughs, etc… The more I look at it, the more I see it - what do you guys think? Hit the $1 bins or forget about it?

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Is it just a cover variant? Or does that character appear in the story?

If you find high grade copies for $1, it’s cheaper than powerball…

But unless this character hits spawn or Wolverine status…or someone at dc confirms it was the inspiration…doubt its worth more than $1.

At the very least it is a pretty sweet cover.

The character on the cover is not in the story.
And I wouldnt even call that character a “prototype”. Different character drawn by a different artist.

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Certain features of that Supes cover do kinda resemble BWL, but there are more features that don’t resemble BWL. Such as the lasers shooting out of his head, the Mr.Sinister style cape thingy, and the big Superman logo on the chest. Having said that, unless Capullo states that this was his inspiration, the book has no value as far as BWL is concerned, imo.

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I dunno, I mean being a monster variant, this had to come from somewhere… I looked at the other monster variants that came out around the same time, and there were a bunch of monsterized versions of existing characters - but they all were clear in what those monsters were. In this one, what is Superman supposed to be monsterized into? If it isn’t something that already exists, then it must be something that DC thought up and had Jason Pearson illustrate… I guess unless he tells us what his intention was, we really can’t do anything but speculate. I think it’s def. worth a few bucks just in case it blows up one day.