Niche players are secretly happy, Hyperliquid Non-fungible Token actually bucks the trend?

Author: Cookie

Since the middle of last year, NFT has gradually departed from the 'classical value standard', and the value elements used to judge the traditional PFP-type NFT, such as image content, community, and traditional brand narrative construction, have basically failed. This trend reached its peak until the end of last year and the beginning of this year, with projects like Kaito rising to 10+ ETH, Stargaze witnessing sharp rises in several Cosmos ecosystem projects, and MegaETH causing huge market controversies.

Many players refer to such 'FT dressed in NFT skin' as 'equity NFTs', the most direct manifestation is that these NFTs mostly come from the project party about to issue coins, using NFT as a starting move to heat up the ecosystem, build community, or directly sell token quotas.

So I was a little surprised when I found out that the NFTs on Hyperliquid were a bit marketable, and they were actually a bit "classical"...

Growing savagely in the absence of an NFT trading market

The most anticipated Hyperliquid NFT trading market should be Drip.Trade(@drip__trade), which will go live on February 27th. Although the product has not been launched yet, the platform token $JPEG was released a few days ago. At its peak, the market capitalization was close to 20 million US dollars, and it is currently around 7.5 million US dollars.

The airdrop will be distributed to two of the hottest NFT projects on Hyperliquid, Wealthy Hypio Babies and K-16 a.k.a KARU, both of which 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's on the tool created by OpenSea protocol engineer aspyn, Net Protocol, which already supports some native Hyperliquid NFT transactions.

This kind of barbaric growth situation makes me feel like I'm back in the era of inscriptions in early 2023, using Excel to do off-exchange trading order books...

Furthermore, minting NFTs on Hyperliquid is as cumbersome as early Ordinals. To briefly describe the entire process, you need to first deposit USDC to the Arbitrum network:

After confirming the deposit, buy $HYPE in the HYPE/USDC trading pair:

After the purchase is successful, go back to the Portfolio page and click Transfer to EVM in the position to transfer $HYPE to HyperEVM.

Once you have $HYPE on HyperEVM, you can use $HYPE to mint new projects.

Which NFT projects are currently in the first tier?

First of all, of course, it is Wealthy Hypio Babies(@HypioHL), with the current floor price of about 0.9 ETH, falling from the ATH of over 1 ETH. However, the market is currently in a downturn, so a pullback is to be expected.

Looking at the floor price trend, you will find that, although Hypio's trend is steadily rising overall, it also went through a period of about 1 month of dormancy, and finally started the second wave of reaching new highs in the middle of this month.

Hypio's community is indeed the best in the current Hyperliquid NFT project, which is also reflected in price and trading volume. In addition, holding Hypio has also received many airdrops, including $JPEG from Drip.Trade, the upcoming Hyperliquid NFT trading market mentioned earlier, the influential 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 the short-term options platform Supurr(, the former Buffer Finance)'s $SPR.

The second project under Hypio is K-16 a.k.a KARU(@karu___16), which has a similar value logic to Hypio.

But KARU's price action hasn't been as smooth as Hypio's along the way. After breaking through 0.1 ETH quickly at the beginning, then falling sharply in a week, and then rising all the way from the bottom to a new high, it can be said that it has withstood the test.

The last one is the first native NFT project TinyHyperCats(@tinyhypercats) on HyperEVM. Because it is native, it currently needs to be traded on the Net Protocol mentioned earlier. The current floor price is 17$HYPE.

What new projects are worth paying attention to?

Hypers(@HypersOnHL)

At the end of last year, this project was already mentioned in the article introducing the new NFT project, and it was already very popular at that time. Now it is finally going to be released. It will be minted on Drip.Trade when it goes live on February 27th. The total supply is 8888, and the minting price is 2 - 2.5 $HYPE.

PiP(@PiPonHL)

Although the number of fans is not very large, the actual response is greater than the number of fans. There is currently no more information, just keep updating the content.

Catbal(@CatCabal_hl)

It's similar to PiP, but it's more connected to other projects in the ecosystem, for example, they will also receive $BUDDY airdrops.

Rekt Gang(@rekt_gang)

The project has had some community partnerships with Hyperliquid 2-3 years ago, such as sweepstakes and spaces, and they also run a Hyperliquid validator node. However, their purpose is to focus on exploring the multi-chain ecosystem, which means that there are already some NFT assets on other chains, which needs to be noted.

Conclusion

NFT on Hyperliquid may have a small market trend, mainly relying on the entry of foreign NFT players. As for why foreign NFT players would choose to speculate on this chain, I think it may be because the trend of $HYPE has evoked fond memories of their past NFT diamond hands being able to receive generous returns. Wealthy Hypio Babies, K-16 a.k.a KARU, and TinyHyperCats are no exception. Recently, there is a similar flavor in the pre-sale meme coin trend on AVAX.

If the small-picture market of Hyperliquid continues, there will inevitably be more new projects that 'come like a spring breeze overnight', but now the overall market situation is very uncertain. When creating new projects, it is still necessary to carefully evaluate the thickness of the community and cooperative relationships, and cherish the $HYPE in hand.