Singapore — Since launching on Feb. 2, 2022, the new nonfungible token (NFT) collection Hypebears has been embraced by more than 300,000 collectors. With each asset priced at 0.4 Ether (ETH), the fully whitelisted mint with more than 10,000 buyers has now reached a sales record of $40 million.

Featuring 10,000 static and animated 3D bear avatars, the project was a hit with enthusiasts worldwide who actively participated in the Discord community, Hypebears raffle and fan-art contest for a spot on the whitelist. 

The recent project’s success is just the beginning. Ernest Siow, founder of Hypebears, said, “We want to go one step further: Hypebears will not just be an art project, but the goal is to develop it into a self-sustaining social club that creates long-term value for each and every holder.”

Launch of new governance token

Committed to driving innovation in the NFT space, Hypebears will be launching its governance token, HYPEB, to increase engagement with holders. Owners of HYPEB will be given opportunities to participate in discussions and contribute to the direction of future projects. In addition, HYPEB tokens can also be staked to earn interest and rewards.

Fifty percent of the project’s royalties are earmarked for an NFT vault, HypeBank, where accumulated funds will be used to secure other popular NFT collections, including Doodles, Mutant Ape Yacht Club and Webb3. Hypebear holders who have staked tokens will enjoy opportunities to purchase these attractive assets. 

More benefits for the Hypebear community begin soon: In March and April 2022, holders will be able to add limited-edition merchandise to their collections.

Brand collaborations and partnerships in the works

As the influence of NFTs continues to grow, Hypebears is exploring future projects with luxury fashion and apparel brands. While still in early stages, discussions have started bringing Hypebear NFTs beyond digital art to expand into fashion, technology and toys.

“What we have built here is unlike any other. The Hypebears movement is real and the potential we see is limitless. We look forward to taking the NFT space by storm,” said Ernest Siow.

About Hypebears

Hypebears is a classic 10,000 collection by Ernest. The ownership of a Hypebear grants one access to an exclusive social club that provides a variety of perks including real-world utilities and whitelists in collaboration projects. For more information, individuals can visit here and follow @hypebearsclub.

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Media contact

Brand: Hypebears

Contact: Ernest Siow, founder and CEO