In recent months, the NFT landscape has undergone a quiet but profound transformation. Traditional valuation metrics—artistic quality, brand narrative, and community strength—have taken a backseat to utility-driven models. The rise of "token-rights NFTs," where digital collectibles serve as gateways to future token airdrops or ecosystem benefits, has redefined what it means to hold an NFT. Within this evolving context, Hyperliquid NFTs have emerged as a surprising bright spot, gaining traction even in a bearish market.
What makes this trend especially intriguing is that Hyperliquid’s NFT ecosystem is still in its infancy—without a dedicated marketplace, most trading happens off-chain or through decentralized tools. Yet, despite these limitations, projects like Wealthy Hypio Babies and K-16 (KARU) are showing strong price momentum and community engagement.
👉 Discover how early NFT adopters are unlocking new opportunities on emerging chains.
The Rise of Utility-First NFTs on Hyperliquid
Unlike traditional PFP (profile picture) NFTs that rely heavily on aesthetics and influencer hype, many current top-performing collections on Hyperliquid are built around ecosystem participation. These NFTs often function more like fungible tokens (FTs) with added social and financial perks—granting holders access to future token distributions, exclusive platforms, or governance rights.
This shift mirrors broader trends seen across Web3: users increasingly prioritize tangible value over speculative art. As a result, NFTs tied to upcoming token launches—especially those within active DeFi or AI ecosystems—are seeing outsized interest.
For example, early adopters of Wealthy Hypio Babies have already received multiple airdrops, including:
- $JPEG from Drip.Trade (upcoming NFT marketplace)
- $BUDDY (native meme token on Hyperliquid)
- $SENT (from Sentiment, an AI agent platform)
Additional potential rewards include $NEKO from DeFAI Swarm and $SPR from Supurr (formerly Buffer Finance), both expected to launch soon.
This compounding benefit structure creates a powerful incentive loop: the more you hold, the more you earn—fueling both demand and loyalty.
How NFT Trading Works Without a Marketplace
One of the most fascinating aspects of Hyperliquid’s NFT scene is that there is no native NFT marketplace yet. Despite this, trading volume continues to grow organically.
The most anticipated platform, Drip.Trade, is set to launch on February 27. Although the marketplace isn’t live, its native token $JPEG was already distributed—and briefly reached a market cap near $20 million before settling around $7.5 million.
Until Drip.Trade goes live, users rely on Net Protocol, a tool developed by aspyn, an engineer formerly associated with OpenSea. Net Protocol enables peer-to-peer trading of native Hyperliquid NFTs directly on-chain, filling the void left by the absence of centralized infrastructure.
This setup feels reminiscent of the early days of Bitcoin Ordinals—where traders used spreadsheets and manual coordination to buy and sell inscriptions. It’s raw, inefficient, but undeniably innovative.
To participate in minting or trading today, users must follow a multi-step process:
- Deposit USDC to Arbitrum
- Swap USDC for $HYPE on the HYPE/USDC trading pair
- Transfer $HYPE from L2 to HyperEVM
- Use $HYPE to mint new NFTs on HyperEVM
While cumbersome, this workflow filters out casual participants and attracts dedicated builders and long-term believers.
Leading Hyperliquid NFT Projects in 2025
Wealthy Hypio Babies (@HypioHL)
Currently the flagship NFT project on Hyperliquid, Wealthy Hypio Babies boasts a floor price hovering around 0.9 ETH, down slightly from its all-time high above 1 ETH. Despite the dip, its price trajectory shows resilience—with a consolidation phase followed by a strong rebound in mid-February.
Beyond price performance, Hypio stands out for its robust community and extensive ecosystem integrations. Holders enjoy early access to new launches and consistent airdrop rewards, reinforcing long-term value.
K-16 a.k.a KARU (@karu__16)
KARU shares a similar utility-focused philosophy with Hypio but has experienced a more volatile journey. After launching with momentum past 0.1 ETH, it quickly corrected before staging a dramatic recovery—ultimately surpassing previous highs.
This resilience suggests strong holder conviction and effective risk management within the team. Like Hypio, KARU holders are positioned to benefit from upcoming ecosystem token launches.
TinyHyperCats (@tinyhypercats)
As the first native NFT collection on HyperEVM, TinyHyperCats holds historical significance. Currently traded via Net Protocol, its floor sits at approximately 17 $HYPE.
Being fully embedded in the Hyperliquid stack gives it unique advantages—especially for users exploring base-layer interactions and developer tooling.
Promising New Projects to Watch
Hypers (@HypersOnHL)
Anticipated to debut alongside Drip.Trade’s launch on February 27, Hypers is one of the most talked-about upcoming mints. With a fixed supply of 8,888 units and a mint price between 2–2.5 $HYPE, it offers accessible entry for mid-tier investors.
Given its strategic timing and platform synergy, Hypers could become a core asset in the growing Hyperliquid NFT universe.
👉 See how strategic early participation can yield multi-layered rewards in emerging ecosystems.
PiP (@PiPonHL)
Despite modest social media followings, PiP has generated disproportionate engagement. The team maintains steady content updates with cryptic hints about future utilities—fueling speculation and curiosity.
Its minimalist approach may appeal to purists who value substance over hype.
Catbal (@CatCabal_hl)
Similar to PiP in size and reach, Catbal distinguishes itself through deeper integration with existing projects. Notably, holders are confirmed recipients of the $BUDDY meme token airdrop—adding immediate value post-mint.
Such cross-project alignment strengthens network effects across the ecosystem.
Rekt Gang (@rekt_gang)
A veteran community with prior ties to Hyperliquid through AMAs, giveaways, and validator operations, Rekt Gang brings credibility and experience. However, they operate across multiple chains, so their Hyperliquid NFT release should be viewed as part of a broader multi-chain strategy rather than an exclusive commitment.
Investors should assess whether cross-chain exposure aligns with their focus on Hyperliquid-specific upside.
Frequently Asked Questions (FAQ)
Q: Why are Hyperliquid NFTs gaining value without a formal marketplace?
A: Early growth is driven by strong community engagement, anticipated token airdrops, and trust in core development teams. Tools like Net Protocol enable decentralized trading, allowing organic liquidity to form.
Q: What is the role of $HYPE in the NFT ecosystem?
A: $HYPE serves as the primary utility token for minting and purchasing NFTs on HyperEVM. Holding or using $HYPE may also qualify users for future ecosystem rewards and governance rights.
Q: Are these NFTs just speculative plays or do they offer real utility?
A: Many function as hybrid assets—offering both collectible appeal and access to upcoming tokens, AI platforms (like Sentiment), or DeFi protocols (like Supurr). Their value extends beyond speculation into active ecosystem participation.
Q: How can I start collecting Hyperliquid NFTs?
A: Begin by acquiring $HYPE via Arbitrum, transfer it to HyperEVM, then use platforms like Net Protocol or upcoming Drip.Trade to mint or trade.
Q: Is now a good time to enter the Hyperliquid NFT space?
A: While market conditions remain uncertain, early involvement offers potential for significant airdrop returns. Due diligence on project fundamentals and team transparency is crucial.
Final Thoughts: A Grassroots Movement with Real Potential
The rise of Hyperliquid NFTs reflects a broader shift in user behavior—away from pure speculation toward ecosystem investment. International NFT collectors are returning to chains where diamond-handed supporters historically earned outsized rewards—and Hyperliquid fits that profile.
With upcoming catalysts like Drip.Trade’s launch and multiple expected token emissions, the ecosystem is poised for accelerated growth. However, investors should remain cautious amid macroeconomic uncertainty and avoid overexposure based solely on short-term price action.
Ultimately, success in this space depends not just on timing, but on choosing projects with genuine integration into the evolving Web3 fabric.
👉 Stay ahead of the curve by exploring next-gen blockchain ecosystems before they go mainstream.