$490,000 for a "cat"! How did Hypurr become the most dazzling new star in the NFT market?

CN
3 hours ago

Original | Odaily Planet Daily (@OdailyChina)

Author | Dingdang (@XiaMiPP)

NFTs, in the fast-paced crypto world, have almost become a "distant" relic of the previous cycle. In 2021, CryptoPunks were frequently sold for tens of millions of dollars; these small pixelated avatars not only symbolized wealth but also became social business cards. The NFT frenzy, which intertwined art, finance, and subculture, almost led people to believe that the symbol system of the internet would be completely reshaped.

However, today, the floor price of CryptoPunks has dropped to $200,000, a decline of over 99% from its peak, while countless small and medium projects have ended up at zero. The NFT market has been quiet for years. Yet today, the winds of hope for NFTs are once again being stirred by Hypurr.

Hypurr: The Ecological Symbol of Hyperliquid

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

The current floor price on OpenSea is 1435 HYPE, approximately $70,700, with total trading volume exceeding 2.8 million HYPE (about $138 million). Notably, NFT #21 was sold for 9999 HYPE (approximately $493,000), successfully attracting external attention.

Initially, Hypurr NFTs were merely "commemorative badges" awarded to early contributors of the Hyperliquid community. The distribution rules were based on a points system from the Genesis event before November 2024, with the top 5000 accounts eligible to receive them. On September 28, these NFTs were officially deployed to HyperEVM and automatically distributed, requiring no manual operation from users.

The main image of the Hypurr NFT features a lively cat. The total series consists of 4600 pieces, of which 4313 are allocated to Genesis event participants, 144 are held by the Hyper Foundation for ecological development, and 143 are distributed to Hyperliquid Labs, NFT artists, and other core contributors.

It is currently unclear what the criteria for judging the rarity of Hypurr are, but lower numbers may indicate higher rarity potential. Collectors can also look at the color schemes, backgrounds, and decorations (such as glasses, hats, etc.) of the main image cat when purchasing; unique colors or rare decorations may become one of the measuring standards. Notably, 16 of these were personally created by Hyperliquid founder Jeff, which may be viewed by the market as having special collectible value.

Chip Distribution: Who is Betting on Hypurr?

OpenSea data shows that as of now, there are 3883 NFT holders. From the current distribution of wallets, the addresses holding NFTs are relatively dispersed.

Key Players:

  • The top-ranked address holds 285 pieces, with the ownership of the address unclear and the NFT numbers varying in rank.
  • The second-ranked address is claimed by Cooker, the founder of Pastel Alpha, who publicly stated on the X platform that he has consecutively purchased 16 NFTs, spending about $1.5 million.
  • The buyer of the high-priced Hypurr#21 is reportedly Flowdesk, a digital asset service provider valued at $250 million, established in 2020. However, this address currently holds only one NFT from this series.

The Significance of NFTs: From Badges to Ecological "Passports"

Currently, the explicit role of Hypurr NFTs remains as a symbol of OG status and community exclusivity, with future utility only vaguely mentioned in the "Hypurr NFT Terms and Licenses": it may include additional HYPE airdrops, ecological token distributions, fee discounts, or even revenue sharing. However, none of these are explicitly promised.

However, if we observe Hypurr within the larger ecological strategy of Hyperliquid, its significance goes far beyond that.

Hyperliquid currently holds nearly 70% market share in the perpetual contract space, almost leaving competitors behind. More notably, Hyperliquid is based on its self-built chain, HyperEVM, which will launch in February 2025. It supports HyperCore state reading/writing and uses the HyperBFT consensus mechanism, achieving a processing capacity of up to 200,000 orders per second and sub-second transaction confirmation delays, providing performance and experience comparable to centralized exchanges. This means that HyperEVM is not only a high-performance blockchain but also a cornerstone of an ecological closed loop, offering infinite possibilities for applications like NFTs and DeFi.

With the launch of the native stablecoin USDH, Hyperliquid is attempting to build an ecological closed loop, keeping funds on-chain as much as possible. This closed-loop capability also provides new narrative space for Hypurr NFTs; they are no longer merely "digital art" but may become the "key" or "passport" within the Hyperliquid ecosystem, potentially unlocking more rights linked to Hyperliquid or other ecological tokens in the future.

In other words, investing in Hypurr NFTs is not just about purchasing a collectible; it is also a bet on the future of the entire Hyperliquid ecosystem. However, the value of Hypurr ultimately depends on the growth of Hyperliquid. Just as CryptoPunks once represented the starting point of crypto art and identity, Hypurr may become a symbol of the prosperity of the Hyperliquid ecosystem. It is not only a collectible but may also serve as a ticket to participate in the future of Hyperliquid's decentralized finance.

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