Original | Odaily Planet Daily ( @OdailyChina )

Author | Dingdang ( @XiaMiPP )

In the fast-paced world of crypto, NFTs have become almost a thing of the past, a distant past. In 2021, CryptoPunks frequently sold for tens of millions of dollars, and the tiny pixelated avatars became not only symbols of wealth but also social media accounts. The NFT craze, encompassing art, finance, and subculture, almost gave the impression that the internet's symbolic system was about to be completely reshaped.

However, the current CryptoPunk floor price has plummeted to $200,000, a 99% drop from its peak, while countless small and medium-sized projects have collapsed. The NFT market has been dormant for years. Today, however, Hypurr is reigniting hope for NFTs.

Hypurr: Hyperliquid's eco-symbol

Hypurr is an NFT collection series launched by the Hyperliquid Foundation.

The current floor price on OpenSea is 1,435 HYPEs, approximately US$70,700. The total trading volume has exceeded 2.8 million HYPEs (approximately US$138 million) . Among them, the NFT numbered #21 was sold for 9,999 HYPEs (approximately US$493,000) , successfully attracting outside attention.

Initially, Hypurr NFTs were simply "commemorative badges" awarded to early contributors to the Hyperliquid community. Distribution was based on a points system based on the Genesis event before November 2024, with the top 5,000 accounts eligible. On September 28th, these NFTs were officially deployed to the HyperEVM and distributed automatically, requiring no manual user interaction.

The Hypurr NFT features a lively and vibrant cat. A total of 4,600 Hypurr NFTs will be available, with 4,313 allocated to Genesis event participants, 144 held by the Hyper Foundation for ecosystem development, and 143 allocated to Hyperliquid Labs, NFT artists, and other core contributors.

The rarity criteria for Hypurr pieces are currently unknown, but lower numbers may indicate higher potential rarity. Collectors should also consider the color scheme, background, and accessories (such as glasses and hats) of the main cat image before purchasing. Unique color schemes or rare accessories may be a factor in determining the rarity. Notably, 16 of these pieces were created by Hyperliquid founder Jeff, potentially holding special collectible value.

Chip Distribution: Who's Betting on Hypurr?

OpenSea data shows that as of now, there are 3,883 NFT holders. Judging from the current distribution of wallets, the degree of dispersion of addresses holding NFTs is still relatively high.

Iconic Players:

• The top-ranked address holds 285 NFTs. The ownership of the address is still unclear, and the NFT numbers held are of different levels.
• The second-ranked address was claimed by Cooker, the founder of Pastel Alpha, who publicly stated on the X platform that he had purchased 16 NFTs in succession, spending approximately US$1.5 million.
• The buyer of Hypurr #21 at a high price is reportedly Flowdesk, a digital asset service provider founded in 2020 with a valuation of US$250 million. However, the address currently holds only one NFT in this series.

The significance of NFT: from badges to ecological "passes"

For now, the overt role of Hypurr NFTs remains limited to status symbols and a sense of community exclusivity . Future benefits are vaguely mentioned in the Hypurr NFT Terms and License: potential inclusion of additional HYPE airdrops, ecosystem token distribution, fee discounts, and even revenue sharing. However, none of these are explicitly promised .

However, if Hypurr is viewed within Hyperliquid's larger ecosystem strategy, its significance goes far beyond this.

Hyperliquid currently holds nearly 70% of the perpetual swap market share , practically unrivaled. More notably, Hyperliquid is based on its proprietary HyperEVM blockchain, launched in February 2025. This blockchain supports HyperCore state read/writes and utilizes the HyperBFT consensus mechanism, enabling processing of up to 200,000 orders per second with sub-second transaction confirmation latency, delivering performance and experience comparable to centralized exchanges. This makes HyperEVM not only a high-performance blockchain but also the cornerstone of a closed ecosystem, unlocking endless possibilities for applications like NFTs and DeFi.

With the launch of its native stablecoin, USDH, Hyperliquid is striving to build a closed ecosystem, keeping funds on-chain as much as possible. This closed-loop capability also provides new narrative space for Hypurr NFTs. Instead of simply being "digital art," they could become "keys" or "passes" within the Hyperliquid ecosystem, unlocking future benefits linked to Hyperliquid and other ecosystem tokens.

In other words, investing in a Hypurr NFT isn't just about buying a collectible; it's about betting on the future of the entire Hyperliquid ecosystem. However, Hypurr's value ultimately depends on Hyperliquid's growth. Just as CryptoPunk once represented the starting point of crypto art and identity, Hypurr may become a symbol of the Hyperliquid ecosystem's prosperity. More than just a collectible, it could be a ticket to the future of Hyperliquid's decentralized finance.