Quick Look at Hypurr: A 400,000 RMB NFT Given Away with a Click?

Where did this NFT come from, and what gives it value? Was it really obtained simply by clicking during an airdrop?

Hypurr NFT: Hyperliquid’s Community Commemorative Token

Across Web3, projects often issue NFTs or conduct airdrops to engage early supporters and strengthen their communities. Hypurr NFT is a commemorative token created by Hyperliquid. It’s not a utility NFT or a financial product guaranteeing returns; instead, it serves as a symbol of identity and culture within the community.

Background & Initial Distribution: Who Could Receive Hypurr NFT

Hyperliquid and HyperEVM

To understand Hypurr NFT, you need to know the architecture behind it. Hyperliquid is a layer-1 network built for decentralized trading, aiming for efficient on-chain trading, margin settlement, and order matching. Its HyperBFT consensus mechanism gives Hyperliquid a competitive edge in high-frequency and low-latency trading environments.

HyperEVM is a component of Hyperliquid’s architecture. It is not a standalone EVM chain. Instead, it serves as a channel that allows developers to reliably read L1 state and interact with core modules on-chain. HyperEVM and HyperCore (Hyperliquid’s foundational state layer) interact bi-directionally.

Smart contracts on HyperEVM can read L1 state (via read precompiles). They can also initiate operations on HyperCore using CoreWriter, effectively linking the two layers. This architecture enables DeFi applications on EVM to connect directly to Hyperliquid’s liquidity base.

The Hypurr NFT was designed on this infrastructure. It’s not a separate project, but part of Hyperliquid’s community commemoration initiative.

How to Acquire: Genesis Event & Qualified Distribution

Hyperliquid distributed the Hypurr NFT during its Genesis Event in November 2024. According to Hyper Foundation’s official statement: “Participants could choose to claim a Hypurr NFT as a memento after HyperEVM’s launch.”

In practice, only the top 5,000 platinum-ranked users from Hyperliquid’s Season 1 saw the option to claim. The choice between “claim tokens only” and “claim both tokens and NFT” confused cautious participants. The NFT, valued at 400,000 CNY, wasn’t automatically granted. You had to actively claim it.

Hyper Foundation also conducted risk assessments and used cluster analysis to prevent any single address or user from collecting too many NFTs and to guard against Sybil attacks.

Note that Hypurr NFT has no planned utility.

The Hypurr NFT collection consists of 4,600 items, allocated as follows:

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

Once distribution ended, Hypurr NFTs entered circulation. Hyper Foundation confirmed in their official statement: “No further user action needed; all NFTs have been issued.”

Ownership Distribution and Circulation

There are currently 4,031 Hypurr NFT holders, with a distribution rate of approximately 87.6%. That means most NFTs are spread across many addresses, not concentrated in a few hands.

This distribution helps prevent centralization and increases community involvement. However, it may also fragment liquidity. If some holders lock their NFTs or remain inactive, available supply could be limited.

Design Intent & Potential Utility: Commemoration, Culture, and the Future

Commemoration & Community Belonging

The primary function of Hypurr NFT is commemorative: it’s a reward, motivation, and symbol of recognition for early project supporters. As stated officially, “a memento shared with those who believed in and supported Hyperliquid’s growth early on.” Community observations suggest each NFT’s identifier (ID) matches its ranking on Hyperliquid’s leaderboard, with lower IDs featuring rarer traits.

The artistic design of each Hypurr NFT reflects the diversity and individuality of the community: different emotions, interests, tastes, and quirks are visually captured, becoming part of the community’s identity.

In this context, owning a Hypurr NFT is a symbolic badge—signifying “I was an early witness.”

Potential Future Utility: No Guarantee

The protocol explicitly makes no utility guarantees, but leaves open the possibility that Hypurr NFT holders may gain additional benefits in the future via third parties or ecosystem initiatives. The protocol states, “Hypurr NFT may be associated with certain rights, features, or utility, but these are not guaranteed by the protocol.”

This could allow for future community or ecosystem initiatives, such as events, airdrops, governance, or interactive privileges for Hypurr NFT holders. However, this depends entirely on future direction, and no additional benefits have been confirmed thus far.

The NFT currently commands a high price amid strong market sentiment, with many buyers hoping for eligibility for Hyperliquid’s next season airdrop. The official stance does not promise airdrops or utility; expect the NFT to serve as an identity symbol only.

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