Author: Cookie

Since the middle of last year, NFTs have gradually deviated from the "classical value standards." The factors used to assess the value of traditional PFP NFTs, such as image content, community, and traditional brand-building narratives, have basically become ineffective. This trend peaked at the end of last year and the beginning of this year, with projects like Kaito rising to over 10+ ETH, several Cosmos ecosystem projects on Stargaze experiencing significant surges, and MegaETH causing considerable market controversy.

Many players refer to these "FTs disguised as NFTs" as "equity NFTs." The most direct manifestation of this is that these NFTs often come from projects that are about to issue tokens, using NFTs as a starting point to warm up the ecosystem, build communities, or directly sell token allocations.

So when I discovered that NFTs on Hyperliquid had some market activity and surprisingly had a bit of a "classical flavor," I was somewhat surprised…

Wild Growth Without an NFT Trading Market

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

The airdrop targets are the two hottest NFT projects on Hyperliquid right now, Wealthy Hypio Babies and K-16 a.k.a KARU, both of which are currently on the Base network and have not yet bridged to HyperEVM.

So how do projects already on HyperEVM trade? Currently, it is on the Net Protocol tool created by OpenSea protocol engineer aspyn, which already supports some native Hyperliquid NFT trading.

This wild growth situation reminds me a bit of the inscription era at the beginning of 2023, when I was doing over-the-counter trading with an order book in Excel…

Additionally, minting NFTs on Hyperliquid is also quite cumbersome, similar to the early Ordinals. To describe the entire process briefly, you first need to deposit USDC into the Arbitrum network:

After the deposit is confirmed, purchase $HYPE in the HYPE/USDC trading pair:

After a successful purchase, return to the Portfolio page and click on Transfer to EVM in your position to transfer $HYPE to HyperEVM.

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

Which NFT Projects Are in the First Tier?

First, of course, is Wealthy Hypio Babies (@HypioHL), with a current floor price of about 0.9 ETH, down from an ATH of over 1 ETH. However, the market is currently declining, so a pullback is understandable.

Looking at the floor price trend, you can see that while Hypio's overall trend is steadily rising, it also went through about a month of dormancy before starting a second wave of growth that set a new high in mid-month.

Hypio's community is indeed the best among the current Hyperliquid NFT projects, as reflected in its price and trading volume. Additionally, holding Hypio has already yielded several airdrops, including the previously mentioned $JPEG from the upcoming Hyperliquid NFT trading market Drip.Trade, the impactful native meme $BUDDY on Hyperliquid, and $SENT from the AI Agent platform Sentiment on Hyperliquid. Upcoming are $Neko from DeFAI Swarm on Hyperliquid and $SPR from the short-term options platform Supurr (formerly Buffer Finance) on Hyperliquid.

The second project under Hypio is K-16 a.k.a KARU (@karu__16), which has a similar value logic to Hypio.

However, KARU's price trend has not been as smooth as Hypio's. After quickly breaking through 0.1 ETH at the start, it saw a significant drop within a week, then rebounded from the bottom to set a new high, proving its resilience.

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

What New Projects Are Worth Watching?

Hypers (@HypersOnHL)

This project was mentioned in an article introducing new NFT projects at the end of last year, and it was already quite popular then. It will finally be issued, launching minting on Drip.Trade on February 27. The total supply is 8888, with a minting price of 2 - 2.5 $HYPE.

PiP (@PiPonHL)

Although it doesn't have many followers, the actual response has been greater than its follower count. There is currently no more information, but it has been continuously updating content.

Catbal (@CatCabal_hl)

Similar to PiP, but with closer ties to other projects in the ecosystem, such as receiving $BUDDY airdrops.

Rekt Gang (@rekt_gang)

This project had some community collaborations with Hyperliquid 2 - 3 years ago, such as lotteries and hosting Spaces. They also run a Hyperliquid validation node. However, their mission is to focus on exploring multi-chain ecosystems, meaning they already have some NFT assets on other chains, which is something to note.

Conclusion

The small market activity of NFTs on Hyperliquid mainly relies on the entry of foreign NFT players. As for why foreign NFT players choose to speculate on this chain, it may be because the trend of $HYPE evokes their fond memories of past NFT diamond hands reaping substantial rewards, as seen with Wealthy Hypio Babies, K-16 a.k.a KARU, and TinyHyperCats. Recently, there has also been a similar vibe in the small market of meme coins on AVAX.

If the small image market on Hyperliquid continues, there will undoubtedly be more new projects "suddenly appearing like a spring breeze," but the overall uncertainty in the market is significant. When minting new projects, it is still essential to carefully assess the depth of the community and partnerships, and one should cherish the $HYPE in hand.

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