Hypurr NFT: A community identification symbol worth $60,000, click to receive?

Author: Alex Liu, Foresight News

Hyper Foundation (Hyperliquid Foundation) announced in the early morning of September 29 that it has completed the deployment and distribution of the Hypurr NFT, which at one point reached a floor price of $80,000 on Opensea, and is currently still above 1,400 HYPE, valued at over $60,000, or 400,000 RMB.

Where does this NFT come from, and why is it valuable? It is said that the way to obtain it was by "click to receive" during the airdrop?

Hypurr NFT: Hyperliquid's "Community Commemoration"

In the Web3 world, many projects connect with early communities and enhance a sense of belonging through methods such as NFTs and airdrops. Hypurr NFT is a community commemorative NFT launched by Hyperliquid. It is not purely a utility NFT, nor is it a financial product that promises returns; rather, it is more like a symbol of identity and culture.

Background and Initial Distribution: Who Can Acquire Hypurr NFT

Hyperliquid and HyperEVM

To understand Hypurr NFT, one must first understand the underlying network architecture. Hyperliquid is an L1 network centered on decentralized trading, aiming to enable efficient on-chain operations for trading, margin settlement, order matching, and other functions. Its consensus mechanism is HyperBFT, and this foundational design allows Hyperliquid to be competitive in high-frequency trading and low-latency scenarios.

HyperEVM is a component of the Hyperliquid architecture: it is not an independent EVM chain, but a channel mechanism that allows developers to "reliably read the state of L1 and initiate operations to the core module" on-chain. In other words, HyperEVM has bidirectional interaction capabilities with HyperCore (the foundational state layer of Hyperliquid).

Contracts on HyperEVM can read L1 state (via read precompiles) and can also initiate operations to HyperCore through CoreWriter, establishing interactions between the two layers. This design allows DeFi applications developed on the EVM layer to directly connect to the liquidity base of Hyperliquid.

The design of Hypurr NFT was born on top of this infrastructure; it is not an independent project, but a community memorial plan within the Hyperliquid framework.

Acquisition Method: Genesis Event and Determination Distribution

The distribution of Hypurr NFTs will take place during the Genesis Event of Hyperliquid in November 2024. According to the official statement from the Hyper Foundation: "Participants can choose whether to receive a Hypurr NFT as a memento after the launch of HyperEVM."

In fact, only the top 5000 players who reach the platinum rank in the S1 season of Hyperliquid can see this option. The choice between "Claim Tokens Only" and "Claim Tokens and NFTs" has indeed confused overly suspicious participants; the NFT worth 400,000 yuan is not "click to receive" but rather "not clicking means you won't get it."

In addition, Hyper Foundation conducted risk assessments for participants and restricted a single address or user from acquiring too many NFTs through cluster analysis to prevent sybil attacks.

Page Note: Hypurr NFT does not have any planned empowerment.

In terms of total supply, the Hypurr NFT collection consists of 4,600 items, of which:

• 4,313 items allocated to qualified participants of the Genesis Event
• 144 items reserved for Hyper Foundation itself
• 143 items distributed to core contributors (including Hyperliquid Labs, NFT artists, and other early contributors)

After the distribution is complete, the Hypurr NFT enters circulation. The Hyper Foundation also emphasizes in the official statement: "No additional action is required from users; the NFT has been fully distributed."

Holder Distribution and Circulation

Currently, the number of Hypurr NFT holders is 4,031, with a holding dispersion of approximately 87.6%. In other words, most NFTs are distributed across multiple addresses rather than being highly concentrated.

This distribution helps avoid extreme centralization and increases community engagement. However, it may also lead to dispersed liquidity: if some holders lock their assets for a long time or remain silent, active supply may be insufficient.

Design Intent and Potential Empowerment: Commemoration, Culture, and the Future

Commemoration and Community Belonging

The primary goal of Hypurr NFT is to serve as a souvenir, rewarding, motivating, and symbolizing recognition for the early supporters of the project. According to official wording, "Share a token of appreciation with those who believed in and contributed to the growth of Hyperliquid early on." Observations from the community suggest that each NFT's ID appears to correspond to its ranking on the Hyperliquid points leaderboard, with NFTs having lower numerical IDs possessing rarer features.

Each Hypurr NFT strives to reflect the diversity and individuality of the community in its artistic design: different emotions, hobbies, tastes, and "quirks" are portrayed in the visual art, becoming a part of the community's identity.

In this sense, holding a Hypurr NFT may have symbolic identity value in the community context - a mark of "I am an early witness."

Future Empowerment Possibilities: No Guarantees

Although the agreement explicitly does not promise utility, it does not exclude the possibility of adding certain additional rights to Hypurr NFTs in the future through third parties or ecosystem aspects. The agreement states, "Hypurr NFTs may be associated with certain rights, features, or utilities, but these are not guaranteed by the agreement."

This creates space for planning the future of the community or ecosystem: for example, certain future events, airdrops, community governance, and interactive permissions may be prioritized for holders of Hypurr NFTs. However, these will depend on subsequent roadmaps. Currently, there are no confirmed additional benefits in place.

Currently, the price of this NFT is high, and the market sentiment is enthusiastic. Many people are buying in with the expectation of "receiving the next season's airdrop from Hyperliquid." It is important to note that the official statements do not guarantee "airdrops" and other empowerments, so it is wise to prepare for this NFT to only serve as a symbol of "identity."