Hyper Foundation (Hyperliquid Foundation) announced on the early morning of September 29 that the deployment and distribution of Hypurr NFT have been completed. The floor price of this NFT once surged to $80,000 on OpenSea, and it is still above 1,400 HYPE, valued at over $60,000, or 400,000 RMB.

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

Hypurr NFT: Hyperliquid's "Community Memorabilia"

In the Web3 world, many projects connect with early communities through NFTs, airdrops, and other methods to enhance a sense of belonging. Hypurr NFT is a community memorabilia NFT launched by Hyperliquid. It is not a purely functional NFT, nor a financial product that promises returns, but rather more like a symbol, identity, and cultural signifier.

Background and Initial Distribution: Who Can Get Hypurr NFT

Hyperliquid and HyperEVM

To understand Hypurr NFT, one must first understand its underlying network architecture. Hyperliquid is an L1 network centered around decentralized trading, aiming to enable efficient execution of trading, margin settlement, and order matching on-chain. Its consensus mechanism is HyperBFT, which allows Hyperliquid to be competitive in high-frequency trading and low-latency scenarios.

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

Smart contracts on HyperEVM can read L1 state (via read precompiles) and initiate operations to HyperCore via CoreWriter, thereby establishing a connection between the two layers. This design enables DeFi applications developed on the EVM layer to directly access Hyperliquid's liquidity infrastructure.

The design of Hypurr NFT was born on this infrastructure. It is not an independent project but a community memorabilia initiative within the Hyperliquid architecture.

How to Obtain: Genesis Event and Assigned Distribution

The distribution of Hypurr NFT took place alongside Hyperliquid's Genesis Event (Creation Event) in November 2024. According to the official statement from the Hyper Foundation: "Participants can choose whether to claim a Hypurr NFT as a memento after the launch of HyperEVM."

Indeed, only the top 5,000 players who reached the platinum rank in Hyperliquid's S1 season could see this option. The choice between "only claiming tokens" and "claiming both tokens and NFT" indeed confused many suspicious participants. The NFT worth 400,000 RMB was not "click and get," but "not clicking means missing out."

Additionally, the Hyper Foundation conducted risk assessments on participants and used clustering analysis to limit a single address or user from acquiring too many NFTs, preventing Sybil attacks.

Page note: Hypurr NFT has no planned utility

Regarding the total supply, the Hypurr NFT collection consists of 4,600 pieces, including:

· 4,313 allocated to qualified participants of the Genesis Event

· 144 retained by the Hyper Foundation itself

· 143 distributed to core contributors (including Hyperliquid Labs, NFT artists, and other early contributors)

After the distribution, the Hypurr NFT entered circulation. The Hyper Foundation also emphasized in its official statement: "No additional user actions are required; the NFTs have already been issued."

Holder Distribution and Circulation

Currently, there are 4,031 holders of Hypurr NFT, with a distribution rate of approximately 87.6%. In other words, most NFTs are spread across multiple addresses, rather than being highly concentrated.

This distribution helps avoid extreme concentration and increases community participation. However, it may also cause fragmented liquidity: if some holders keep their NFTs locked up or remain silent, active supply may be insufficient.

Design Intent and Potential Utility: Memorabilia, Culture, and Future

Memorabilia and Community Belonging

The primary goal of Hypurr NFT is to serve as a memento, used to reward, motivate, and symbolically acknowledge early supporters of the project. The official wording states, "Sharing a memento with those who believed in and helped Hyperliquid grow." According to community observations, each NFT's ID seems to correspond to its ranking on the Hyperliquid score leaderboard, with lower ID NFTs having rarer characteristics.

Each Hypurr NFT is designed to reflect the diversity and personality of the community: different emotions, hobbies, tastes, and "quirks" are depicted in the visual art, becoming part of the community identity.

In this sense, holding a Hypurr NFT may carry symbolic identity value within the community—a marker of "I am an early witness."

Potential Future Utility: No Promises

Although the protocol explicitly does not promise utility, it does not rule out the possibility of adding certain additional benefits to Hypurr NFT through third parties or ecosystem-level initiatives in the future. The protocol states, "Hypurr NFT may be associated with certain rights, characteristics, or utilities, but these are not guaranteed by the protocol."

This leaves room for future community or ecosystem planning: for example, certain activities, airdrops, community governance, or interactive permissions may be prioritized for holders of Hypurr NFT. However, these will depend on subsequent roadmaps. Currently, there are no confirmed additional rights in place.

At present, the price of this NFT is high, and market sentiment is enthusiastic. Many people buy it with the expectation of receiving the next round of airdrop from Hyperliquid. It should be noted that the official statement does not promise "airdrop" or other utilities, so it is advisable to consider this NFT as merely a "symbol of identity."