TLDR
- Hyperliquid airdropped 4,600 Hypurr NFT collection to early users and contributors
- Floor price has surged to approximately $68,900 (1,458 HYPE)
- Highest sale recorded was Hypurr #21 for 9,999 HYPE ($467,000)
- 24-hour trading volume reached 952,000 HYPE ($45 million)
- NFTs went primarily to participants from November 2024 “Genesis” event
Early adopters of Hyperliquid, the perpetuals-focused layer-1 blockchain, received an unexpected windfall on Sunday when the Hyper Foundation distributed the long-awaited Hypurr NFT collection. The free digital cats have quickly become some of the most valuable NFTs on the market, with a floor price reaching approximately $68,900 at the time of writing.
The collection consists of 4,600 NFTs in total. Of these, 4,313 were distributed to participants of the November 2024 “Genesis” event, which marked the launch of the HYPE token. The remaining NFTs were divided between the Hyper Foundation (144) and project contributors including developers and artists (143).
Demand for the cartoon cat avatars has been extraordinary. Within hours of the Sunday launch on HyperEVM mainnet, trading volume reached approximately 952,000 HYPE, equivalent to around $45 million according to data from OpenSea.
Some Hypurr NFTs have sold for prices that dwarf the already high floor price. Most notably, Hypurr #21, featuring the rare “Knight Ghost Armor” and “Knight Helm Ghost” traits, sold for an eye-watering 9,999 HYPE – approximately $467,000.
The frenzy for these digital assets began even before their official launch. According to DripTrade data, certain Hypurr NFTs were selling for as much as $88,000 via over-the-counter (OTC) desks earlier this month.
Market Reaction and Community Response
These transactions were facilitated through DripTrade’s OTC system, which allows buyers and sellers to agree on prices before launch. Sellers must complete the trade within seven days of receiving the NFT or forfeit their collateral.
The astronomical values of these free airdrops have generated mixed reactions in the crypto community. Many expressed amazement at the sheer value of these digital collectibles, while others pointed to the stark contrast between these digital windfalls and real-world economic challenges.
“Received a Hypurr NFT which is valued at $50k. I’m usually not good at valuing these things so I will give the market some time to find an equilibrium before I decide what I will do with it,” wrote user DidiTrading on X.
Others were more critical of the situation. One user commented on the disparity between NFT values and everyday financial struggles, noting the contrast between people posting about their $50,000 free cat NFTs while many struggle to buy groceries.
The Future of Hypurr NFTs
The Hyper Foundation described the purpose of the collection in a post on X: “The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr.”
Questions remain about the long-term utility of these high-value NFTs. According to official documentation from the Hyper Foundation, “Hypurr NFTs may from time to time be associated with certain benefits, features, or entitlements (‘Utility’), but no Utility is promised or guaranteed under these Terms.”
The launch has renewed discussions about NFTs potentially making a comeback after several years of market stagnation since the 2021 peak.
The HYPE token itself has seen positive price movement following the NFT launch, trading up 4.65% in the past 24 hours at a price of $47.14, according to The Block’s Hyperliquid price page.
The success of the Hypurr launch underscores the ongoing interest in digital collectibles within the crypto ecosystem, particularly when tied to active blockchain projects with engaged communities.
