From zero to 400,000 yuan, will Hypurr NFT become the community mascot?

Original Title: https://d.foresightnews.pro/article/detail/90653
Original Author: Alex Liu, Foresight News

Hyper Foundation announced in the early hours of September 29 that it has completed the deployment and distribution of the Hypurr NFT, which once surged to 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? Is the way to obtain it really just a "click to receive" during the airdrop?

Hypurr NFT: Hyperliquid's "Community Commemoration"

In the Web3 world, many projects establish connections with early communities and enhance a sense of belonging through NFTs, airdrops, and other means. The Hypurr NFT is a community commemorative NFT launched by Hyperliquid. It is not a purely utility-based NFT, nor is it a financial product that promises returns; rather, it serves more as a symbol, identity, and cultural icon.

Background and Initial Distribution: Who Can Get the Hypurr NFT

Hyperliquid and HyperEVM

To understand the Hypurr NFT, one must first grasp the network architecture behind it. Hyperliquid is an L1 network centered on decentralized trading, aiming to enable efficient on-chain operations for trading, margin settlement, and order matching. Its consensus mechanism is HyperBFT, a foundational design that 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 "trustfully read the L1 state 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 the L1 state (via read precompiles) and can initiate operations to HyperCore through CoreWriter, establishing a linkage between the two layers. This design allows DeFi applications developed on the EVM layer to directly connect to Hyperliquid's liquidity foundation.

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

Method of Acquisition: Genesis Event and Designated Distribution

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

In fact, only the top 5,000 participants who reached the platinum tier in Hyperliquid's S1 season can see this option. The choice between "only receiving tokens" and "receiving tokens and NFT" indeed confused overly suspicious participants; the NFT worth 400,000 RMB is not "click to receive," but rather "if you don't click, you won't get it."

Additionally, Hyper Foundation conducted risk assessments on participants and used clustering analysis to limit the number of NFTs obtained by a single address or user to prevent sybil attacks.

Page Note: Hypurr NFT has no planned utility

In terms of total quantity, the Hypurr NFT collection consists of 4,600 pieces, of which:

· 4,313 pieces are allocated to eligible participants of the Genesis Event

· 144 pieces are reserved for Hyper Foundation itself

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

Once distribution is complete, the Hypurr NFT enters a circulation state. Hyper Foundation also emphasized in its official statement: "No additional action is required from users; the NFTs have already been distributed."

Holder Distribution and Circulation

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

This distribution helps avoid extreme concentration and increases community participation. However, it may also lead to dispersed liquidity: if some holders lock up their NFTs for a long time or remain inactive, active supply may be insufficient.

Original Intent and Potential Utility: Commemoration, Culture, and Future

Commemoration and Community Belonging

The primary goal of the Hypurr NFT is to serve as a souvenir, rewarding, incentivizing, and symbolizing recognition for early supporters of the project. The official wording states, "Share a memento with those who believed in and contributed to the growth of Hyperliquid early on." According to community observations, the ID of each NFT seems to correspond to its ranking on the Hyperliquid points leaderboard, with lower ID NFTs having rarer characteristics.

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

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

Future Utility Possibilities: No Promises

Although the protocol explicitly does not promise utility, it does not rule out the possibility of adding certain additional rights through third parties or ecological aspects for the Hypurr NFT in the future. The protocol states, "Hypurr NFT may be associated with certain rights, features, or utilities, but these are not guaranteed by the protocol."

This leaves room for future planning by the community or ecosystem: for example, certain future activities, airdrops, community governance, and interaction permissions may be prioritized for holders of the Hypurr NFT. However, these will depend on subsequent developments. Currently, there are no confirmed additional rights in the public domain.

At present, the NFT price is high, and market sentiment is enthusiastic, with many buying in with the expectation of "receiving Hyperliquid's next season airdrop." It is important to note that the official stance does not promise "airdrops" or other utilities, so one should be prepared for the possibility that this NFT is merely a symbol of "identity." ```