Hyperliquid NFT bucks the trend and rises, niche players steal joy?

Author: Cookie

Since the middle of last year, NFTs have gradually moved away from the "classical value standard", and 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, with Kaito rising to 10+ ETH, several projects on Stargaze that the Cosmos ecosystem has soared, and MegaETH, which has caused huge market controversy.

Many players refer to this kind of "FT in NFT skin" as "equity NFT", which is most directly reflected in the fact that most of these NFTs come from the project party that is about to issue coins, and use NFT as a starting method to warm up the ecosystem, build a 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 wildly in the absence of an NFT trading market

The most anticipated Hyperliquid NFT marketplace right now should be Drip.Trade (@drip__trade), which will go live on February 27. Although the product is not yet live, the platform token $JPEG was sent out a few days ago. At its peak, it had a market capitalisation of nearly $20 million and is currently worth about $7.5 million.

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 on Net Protocol, a tool made by OpenSea protocol engineer aspyn, some native Hyperliquid NFT transactions have been supported.

This situation of savage growth makes me dream a little back to the era of inscriptions in early 2023, when I used Excel to do order book OTC trading...

In addition, NFT minting on Hyperliquid is also the same as the early Ordinals, which is more cumbersome. To roughly describe the whole process, it is necessary to first mention USDC to the Arbitrum network:

After the deposit is confirmed, 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 echelon?

The first is of course Wealthy Hypio Babies (@HypioHL), which currently has a floor price of around 0.9 ETH, down from 1+ ETH for ATH. However, the market is now falling, and a pullback is also reasonable.

Looking at this floor price trend, you will find that although the trend of Hypio has been steadily rising as a whole, it has also gone through a hibernation period of about 1 month, and finally opened the second wave of new highs in the middle of this month.

Hypio's community is indeed the best among the current Hyperliquid NFT projects, and this is reflected in the price and volume. In addition, holding Hypio has already received a number of airdrops, including the aforementioned $JPEG from the upcoming Hyperliquid NFT marketplace Drip.Trade, the more infectious native meme $BUDDY on Hyperliquid, and the $SENT from Sentiment, an AI agent platform on Hyperliquid. Also on the road are DeFAI Swarm $Neko on Hyperliquid and $SPR from Supurr (formerly Buffer Finance), a short-term options platform on Hyperliquid.

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 TinyHyperCats (@tinyhypercats), the first native NFT project on HyperEVM, which currently needs to be traded on the aforementioned Net Protocol because it is native, and the current floor price is 17$HYPE.

What are some new projects to keep an eye on?

Hypers(@HypersOnHL)

This project was already mentioned at the end of last year in an article about the introduction of a new NFT project, and it was already very popular at that time, and now it is finally going to be released. Minting will be available on Drip.Trade when it goes live on February 27th. Total amount 8888, minting price 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 no more information at the moment, just the content has been updated.

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 sweepstake and spaces, and they also run a Hyperliquid validator node. But 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.

epilogue

NFTs on Hyperliquid can have a small market, mainly relying on the entry of foreign NFT players. As for why foreigner NFT players choose to speculate on this chain, I think it may be because the trend of $HYPE evokes fond memories of their past NFT diamond holders who can get huge returns, such as Wealthy Hypio Babies, K-16 a.k.a KARU, and TinyHyperCats. The recent pre-sale meme coin on AVAX has a similar flavour in it.

If Hyperliquid's small picture market continues, there will inevitably be more new projects "like a spring breeze overnight", but now the overall market is very uncertain, when casting new projects, it is still necessary to carefully evaluate the thickness of the community and partnership, and still cherish the $HYPE in hand.