Hyperliquid NFT airdrop rockets Hypurr to $300 million market cap
Quick Take
- Hypurr’s $300 million market cap and soaring floor price reflect expectations that it will serve as a high-signal loyalty pass for future Hyperliquid rewards.
- The following is excerpted from The Block’s Data and Insights newsletter.
Hyperliquid airdropped its long-anticipated Hypurr NFTs to qualified addresses last week. The collection consists of 4,600 unique NFTs, with 4,300 going to genesis participants.
Hyperliquid users who registered for the Genesis Event in November 2024 had the option to receive the commemorative Hypurr NFT.
There were a number of users at the time who opted out of the NFT due to fears and concerns that it would lead to a diluted token airdrop, which then turned out to be false speculation.
Hypurr marks one of the most lucrative NFT airdrops in recent times, with a $50,000 floor price near the time of launch. In the week since, the floor price of a Hypurr NFT peaked around $81,000 and, at publication time, stands at $65,700. It is currently the fifth-largest NFT collection with a market cap of over $300 million, sitting behind CryptoPunks, Pudgy Penguins, Bored Ape Yacht Club, and Infinex Patrons.
The collection’s scarcity is being priced alongside a widely held belief that Hypurr may carry ongoing perks such as becoming an onchain "ticket" for future ecosystem rewards and airdrops. With this in consideration, Hypurr acts as a loyalty credential for provable early participation that can be gated into future programs.
If Hyperliquid does end up layering utilities or targeted rewards on top of Hypurr, the NFTs could essentially become an effective distribution and retention primitive for the chain. Its value is therefore a bet on being a high-signal loyalty pass and gated distribution channel for rewards.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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