The Non-Fungible Token (NFT) landscape has shifted dramatically since mid-last year. Traditional valuation metrics for Profile Picture (PFP) NFTs—such as artistic content, community strength, and brand narrative—have largely become irrelevant. By the end of 2024 and early 2025, this trend peaked, with projects like Kaito surging beyond 10 ETH, several Cosmos ecosystem projects on Stargaze experiencing rapid growth, and MegaETH sparking significant market debate.
Many participants now refer to these "FT-like NFTs" as "utility NFTs." Their value often ties directly to upcoming token launches, serving as a preliminary step for projects to build hype, foster communities, or sell token allocations.
Against this backdrop, Hyperliquid NFTs have managed to stand out—not just through utility, but with a touch of that "classic" NFT charm.
Hyperliquid's Nascent NFT Ecosystem
Currently, the most anticipated marketplace for Hyperliquid NFTs is Drip.Trade, set to launch on February 27. Although the platform isn't live yet, its native token $JPEG was released days ago, reaching a peak market cap of nearly $20 million before stabilizing around $7.5 million.
Airdrops for $JPEG targeted two of Hyperliquid's most popular NFT projects: Wealthy Hypio Babies and K-16 (also known as KARU). Both reside on the Base network and haven't yet bridged to HyperEVM.
So, how are native HyperEVM NFTs traded? The current solution is Net Protocol, a tool developed by OpenSea protocol engineer Aspyn. It already supports some native Hyperliquid NFT transactions, reminiscent of the early days of Ordinals trading using Excel sheets as order books.
The process for minting NFTs on Hyperliquid is also somewhat cumbersome, similar to early Ordinals. Here's a simplified breakdown:
- First, transfer USDC to the Arbitrum network.
- Once deposited, purchase $HYPE on the HYPE/USDC trading pair.
- After acquiring $HYPE, navigate to the Portfolio page and use the "Transfer to EVM" feature to move $HYPE to HyperEVM.
- With $HYPE on HyperEVM, you can participate in new project mints.
👉 Explore step-by-step minting guides
Top-Tier Hyperliquid NFT Projects
Wealthy Hypio Babies (@HypioHL)
Wealthy Hypio Babies currently leads with a floor price of approximately 0.9 ETH, down from its all-time high of over 1 ETH. This correction aligns with broader market trends. Its price chart shows steady growth, including a one-month consolidation period before a mid-month surge to new highs.
The project boasts the strongest community among Hyperliquid NFTs, reflected in its trading volume and price stability. Holders have already received several airdrops, including:
- $JPEG from Drip.Trade
- $BUDDY, a popular native meme coin on Hyperliquid
- $SENT from AI Agent platform Sentiment
Upcoming airdrops include tokens from DeFAI Swarm $Neko and short-term options platform Supurr (formerly Buffer Finance) $SPR.
K-16 a.k.a KARU (@karu_16)
KARU follows a similar value proposition to Hypio but with a more volatile price history. It quickly surpassed 0.1 ETH at launch, experienced a sharp decline within a week, and then recovered steadily to reach new highs. This resilience has proven its mettle in the market.
TinyHyperCats (@tinyhypercats)
As the first native NFT project on HyperEVM, TinyHyperCats trades exclusively on Net Protocol. Its current floor price is 17 $HYPE, making it an accessible entry point into the ecosystem.
Emerging Projects to Watch
Hypers (@HypersOnHL)
Hypers generated significant buzz late last year and is finally set to launch. Its minting will commence on Drip.Trade starting February 27. The collection will have 8,888 pieces, with a mint price between 2 and 2.5 $HYPE.
PiP (@PiPonHL)
Although PiP has a modest follower count, its community engagement exceeds what the numbers suggest. While detailed information remains scarce, the team consistently updates content, hinting at ongoing development.
Catbal (@CatCabal_hl)
Similar to PiP, Catbal maintains stronger ties within the Hyperliquid ecosystem. For instance, it has already secured $BUDDY airdrops for its holders, enhancing its utility.
Rekt Gang (@rekt_gang)
Rekt Gang has collaborated with Hyperliquid for over two years, hosting giveaways and Twitter Spaces. They also operate a Hyperliquid validator node. However, their focus extends beyond Hyperliquid, as they explore multi-chain ecosystems. Prospective buyers should note that they hold NFT assets on other chains.
Frequently Asked Questions
What makes Hyperliquid NFTs different from traditional NFTs?
Hyperliquid NFTs blend utility with classic NFT characteristics. While many are tied to upcoming token launches (like "utility NFTs"), they also foster strong communities and offer airdrops, reminiscent of earlier NFT eras.
How do I purchase Hyperliquid NFTs?
Currently, native HyperEVM NFTs trade on Net Protocol. For projects on Base (like Hypio and KARU), you'll need to use Base-native marketplaces. Always ensure you're using verified platforms to avoid scams.
What are the risks of investing in new NFT projects?
New projects carry higher uncertainty, especially in volatile markets. Evaluate the project's community engagement, partnership announcements, and utility promises. Avoid investing more than you can afford to lose.
Why are Hyperliquid NFTs gaining popularity?
Their growth is partly driven by international NFT traders attracted by $HYPE's performance, which recalls past successful NFT bull runs. The ecosystem's novelty and potential for high returns also contribute.
Can I bridge my NFTs between HyperEVM and other networks?
Currently, major projects like Hypio and KARU remain on Base and haven't bridged to HyperEVM. Always check a project's native chain before purchasing.
What should I look for in a promising Hyperliquid NFT project?
Strong community activity, verified partnerships, clear utility (like airdrops or token allocations), and an active development team are positive indicators. Research thoroughly before investing.
Conclusion
The recent uptick in Hyperliquid NFT activity is largely fueled by international NFT enthusiasts. Their interest seems driven by $HYPE's performance, which evokes memories of past profitable NFT cycles. Projects like Wealthy Hypio Babies, K-16, and TinyHyperCats exemplify this trend, similar to the recent surge of pre-sale meme coins on Avalanche.
If Hyperliquid's NFT momentum continues, we can expect a wave of new projects. However, given overall market uncertainty, it's crucial to carefully assess each project's community strength and partnership credibility. As always, manage your $HYPE investments wisely.