Since the middle of last year, NFT has gradually deviated from the classical value standard. The value elements used to judge traditional PFP NFTs, such as image content, community, and traditional brand building narratives, have basically failed. This trend reached its peak at the end of last year and the beginning of this year. There were projects like Kaito that rose to 10+ ETH, several Cosmos ecosystem projects on Stargaze that soared, and MegaETH that caused huge market controversy.
Many players call this type of FT in NFT skin equity NFT. The most direct manifestation is that these NFTs mostly come from project parties that are about to issue coins, using NFT as a starting point to warm up the ecosystem, build a community, or directly sell token quotas.
So when I found out that the NFT on Hyperliquid was a bit popular and even had a bit of a classical flavor, I was a little surprised...
Wild growth without the NFT trading market
The most anticipated Hyperliquid NFT trading market is Drip.Trade ( @drip__trade ), which will be launched on February 27. Although the product has not yet been launched, the platform currency $JPEG has been issued a few days ago. At its peak, the market value was close to 20 million US dollars, and the current market value is about 7.5 million US dollars.
The airdrop targets the two most popular NFT projects on Hyperliquid, Wealthy Hypio Babies and K-16 aka KARU. Both are currently on the Base network and have not yet been bridged to HyperEVM.
So how do you trade projects that are already on HyperEVM? Now it is on Net Protocol, a tool made by OpenSea protocol engineer aspyn, which already supports some native Hyperliquid NFT transactions.
This wild growth makes me dream back to the Inscription era in early 2023, when I used Excel to do order book OTC trading...
In addition, NFT minting on Hyperliquid is also as cumbersome as the early Ordinals. To roughly describe the whole process, you need to first transfer USDC to the Arbitrum network:
After the deposit is confirmed, buy $HYPE in the HYPE/USDC trading pair:
After the purchase is successful, return to the Portfolio page and click Transfer to EVM in the position to transfer $HYPE to HyperEVM.
Now that you have $HYPE on HyperEVM, you can use $HYPE to create new projects.
Which NFT projects are currently in the first tier?
The first one is of course Wealthy Hypio Babies ( @HypioHL ), the current floor price is about 0.9 ETH, which has fallen from the ATH of 1+ ETH. However, the market is falling now, and the pullback is reasonable.
Looking at the trend of the floor price, we can find that although Hypios overall trend is steadily rising, it has also gone through a period of dormancy for about a month, and finally started the second wave of record-breaking growth in the middle of this month.
Hypios community is indeed the best among the current Hyperliquid NFT projects, which is also reflected in the price and trading volume. In addition, holding Hypio has also received a lot of airdrops, including the aforementioned $JPEG from the upcoming Hyperliquid NFT trading market Drip.Trade, the more contagious native meme $BUDDY on Hyperliquid, and $SENT from Sentiment, the AI Agent platform on Hyperliquid. Also on the way are DeFAI Swarm $Neko on Hyperliquid and $SPR from Supurr (formerly Buffer Finance), a short-term options platform on Hyperliquiquid.
The second project under Hypio is K-16 aka KARU ( @karu__ 16 ), and its value logic is similar to Hypio.
However, KARU’s price trend has not been as smooth as Hypio’s. After quickly breaking through 0.1 ETH at the beginning, it fell sharply within a week, and then rebounded from the bottom to a new high. It can be said that it has withstood the test.
The last one is TinyHyperCats ( @tinyhypercats ), the first native NFT project on HyperEVM. Because it is native, it currently needs to be traded on the aforementioned Net Protocol. The current floor price is 17 $HYPE.
What new projects are worth paying attention to?
Hypers ( @HypersOnHL )
This project was mentioned in an article introducing new NFT projects at the end of last year. It was very popular at that time, and now it is finally going to be released. It will be minted on Drip.Trade when it goes online on February 27. The total amount is 8888, and the minting price is 2 - 2.5 $HYPE.
PiP ( @PiPonHL )
Although the number of fans is not large, the actual response is greater than the number of fans. There is no more information at the moment, but the content is being updated all the time.
Catbal ( @CatCabal_hl )
It is similar to PiP, but the connection with other projects in the ecosystem will be closer, for example, they will also receive $BUDDY airdrops.
Rekt Gang ( @rekt_gang )
This project had some community cooperation with Hyperliquid 2-3 years ago, such as lottery and Space, and they also run a Hyperliquid verification node. However, their purpose is to be a community focused on exploring multi-chain ecology, which means that there are already some NFT assets on other chains, which needs to be noted.
Conclusion
The NFT on Hyperliquid can have a small market, mainly relying on the entry of foreign NFT players. As for why foreign NFT players choose to hype on this chain, I think it may be because the trend of $HYPE evokes their good memories of the NFT diamond hands that can get rich returns in the past, such as Wealthy Hypio Babies, K-16 aka KARU and TinyHyperCats. The recent pre-sale meme coin market on AVAX also has a similar flavor.
If Hyperliquids small picture market continues, there will surely be more new projects coming like a spring breeze overnight, but the overall market situation is very uncertain now. When creating new projects, we still need to carefully evaluate the thickness of the community and partnerships, and cherish the $HYPE in our hands.
