It was invented in the 1960s by a teacher for her classroom, and then she hosted a bigger one for a radio station fundraiser, and people liked playing pretendsies so they sort of took off. They've always been pretty queer events (in that anything camp is going to be queer). The whole vibe of a Ren Faire is to just do it up anachronistic style or dress up like a fairy tale. You get drunk, browse handmade semi-medieval wares (sometimes it's fairy wings) and have fun looking at the people in elaborate costumes