Is This the NFT Comeback? Hyperliquid Launches Hypurr Collection on HyperEVM

The NFT market has been relatively quiet over the past couple of years, but Hyperliquid’s latest move is stirring fresh attention.

The decentralized perpetuals exchange has rolled out its Hypurr NFT collection on the HyperEVM mainnet, sparking millions in trading volume and a floor price that quickly surged past $60,000.

Inside the Hypurr launch

The collection consists of 4,600 NFTs and was designed as a memento for early supporters of Hyperliquid and its HyperEVM rollout. According to the Hyper Foundation, most of the NFTs, 4,313 in total, were distributed to participants in the November 2024 Genesis Event.

The remaining tokens went to the Foundation itself (144 NFTs) and core contributors such as Hyperliquid Labs, developers, and artists (143 NFTs).

The launch generated immediate activity. Data from OpenSea shows Hypurr has already seen more than 952,000 HYPE tokens traded (about $45 million) since going live at midnight on Sunday.

The current floor price stands at around 1,463 HYPE ($68,930), with standout sales such as Hypurr #21, which changed hands for nearly 10,000 HYPE (~$470,000).

In a statement, the Hyper Foundation emphasized that each NFT “captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community.” While the Foundation acknowledged that NFTs might sometimes be associated with certain benefits, it clarified that “no Utility is promised or guaranteed.”

The bigger picture

The debut of Hypurr is closely tied to Hyperliquid’s broader technical push. The NFTs were issued through the HyperEVM, a programmable interface that allows smart contracts to tap directly into Hyperliquid’s Layer 1 liquidity.

This two-way communication, secured by HyperBFT consensus, has enabled developers to experiment with applications like lending protocols, vault tokenization, and liquid staking.

At the same time, the launch has fueled debate about the role of NFTs in 2025. After the initial boom and subsequent cooling of the NFT market post-2021, some see Hypurr as a sign of potential renewed interest. Others question whether high trading volumes and steep floor prices reflect sustainable utility or speculative hype.

Community Sentiment

Asides the Hypurr launch sparking trading frenzy, it has also unsurprisngly stirred plenty of chatter across CT. Many collectors and designers are praising the collection’s look and feel, with one creative director calling the visuals “strong in ways most people overlook.”

They highlighted the clean silhouettes, bold colors, and lighthearted mood as a welcome break from Web3’s typical “dark palette and neon fatigue,” adding that it lowers the barrier for newcomers who might otherwise find NFTs intimidating.

Scarcity is another point fueling excitement. With only 4,600 NFTs in total: 4,313 airdropped to Genesis Event participants after anti-sybil checks, analysts argue the limited supply is keeping prices buoyant. As one person on X put it, “Supply crunch, should rerate higher,” noting that floors have been holding in the 1,100–1,580 HYPE range ($50K–$74K) even though less than 5% of the collection is listed.

The distribution model itself has also been well received. Several community voices applauded the “zero mint, zero drama” approach that rewarded early adopters directly, contrasting it with more extractive launches that often leave retail buyers holding the bag.

Still, not everyone is convinced the momentum will last. Critics have pointed out that floor prices near $60K lean heavily on speculation about future perks, perks that the Hyper Foundation has explicitly said are not guaranteed. Concerns around upcoming $12 billion HYPE unlocks and wallet concentration, with the top holder sitting at 13% of supply, have also added cautionary notes to the otherwise celebratory tone.

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