A niche group of players are delighted, Hyperliquid Non-fungible Token actually pumps against the trend?

Hyperliquid Non-fungible Token, the victory of the diamond hand?

Authored by: Cookie

Since the middle of last year, non-fungible tokens have gradually departed from the "classical value standards", and the value elements used to judge traditional PFP non-fungible tokens, 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 soared, and MegaETH, which caused huge market controversy.

Many players refer to these 'FTs wrapped in Non-fungible Token skin' as 'Equity-based Non-fungible Tokens', the most direct manifestation being that these Non-fungible Tokens mostly come from projects that are about to issue coins, using Non-fungible Tokens as a starting point to warm up the ecosystem, build communities, or directly sell token allocations.

So when I found that the Non-fungible Tokens on Hyperliquid have a bit of a market, and even have a bit of a 'classic taste', I was a little surprised...

In the conditions of savage growth before the Non-fungible Token trading market

The most anticipated Hyperliquid Non-fungible Token trading market should be Drip.Trade(@drip__trade), which will be launched on February 27th. Although the product has not yet launched, the platform token $JPEG has been released a few days ago. At its peak, the market value was close to 20 million US dollars, and the current market value is approximately 7.5 million US dollars.

The airdrop is for the two hottest Non-fungible Token projects on Hyperliquid at the moment, Wealthy Hypio Babies and K-16 a.k.a KARU, both currently on the Base network and have not been bridged to HyperEVM yet.

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 Non-fungible Token transactions have been supported.

This kind of wild growth situation makes me feel like I'm back in the early days of inscriptions in 2023, when I was using Excel to do off-book trading...

Also, minting Non-fungible Tokens on Hyperliquid is as cumbersome as early Ordinals. To briefly describe the entire process, you need to first transfer USDC to the Arbitrum network:

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

After the purchase is successful, return to the Portfolio page, 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?

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

Hypio's community is indeed the best in the current Hyperliquid Non-fungible Token project, which is also reflected in the price and trading volume. In addition, holding Hypio has also received many airdrops, including $JPEG from the upcoming Hyperliquid NFT trading market Drip.Trade, the influential native meme $BUDDY on Hyperliquid, and $SENT from the AI Agent platform Sentiment on Hyperliquid. Also in the pipeline are DeFAI Swarm $Neko on Hyperliquid and the short-term option platform Supurr( and $SPR from the former 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.

But KARU has not been as smooth in its price trend as Hypio. After quickly breaking through 0.1 ETH at the beginning, it plummeted significantly within a week, and then rose from the bottom to set a new high, which can be said to have withstood the test.

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The last one is TinyHyperCats(@tinyhypercats), the first native Non-fungible Token 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 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 Non-fungible Token new project. At that time, the popularity was already very high, and now it is finally going to be launched. It will be minted on Drip.Trade when it goes live on February 27th. Total supply is 8888, minting price is 2 - 2.5 $HYPE.

PiP(@PiPonHL)

Although the number of fans is not very large, the actual feedback is greater than the number of fans. There is no more information at present, 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.

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Rekt Gang(@rekt_gang)

This project had some community collaborations with Hyperliquid 2-3 years ago, such as lotteries and opening Spaces. They also run a Hyperliquid verification node. However, their aim is to focus on exploring multi-chain ecosystems, which means that there have been some Non-fungible Token assets on other chains, which is worth noting.

Conclusion

Non-fungible Tokens on Hyperliquid have experienced a small market surge, mainly driven by the participation of foreign NFT players. As for why foreign NFT players choose to speculate on this chain, it may be because the trend of $HYPE has evoked fond memories of their past successful Non-fungible Token investments. Wealthy Hypio Babies, K-16 a.k.a KARU, and TinyHyperCats are no exception. Recently, there has been a similar sentiment in the pre-sale meme coin market on AVAX.

If the small picture market of Hyperliquid continues, there will definitely be more new projects that "come like a spring breeze overnight", but the overall market uncertainty is very high now. When casting new projects, we still need to carefully evaluate the thickness of the community and cooperation relationships, and cherish the $HYPE in hand.