The Rise and Fall of Labubu: From Trendy Mystery Boxes to Virtual Money

The Labubu character under Pop Mart sparked a global潮玩 craze in 2024. This elf doll, designed by artist Long Jiasheng, quickly became a coveted item among collectors due to its unique shape and mystery box sales model.

The success of Labubu is not only reflected in the sales of physical toys but also extends into the digital realm. In May 2025, a Virtual Money named after Labubu was launched, sparking widespread discussion. However, this speculation based on popularity ultimately could not escape the sanctions of market laws.

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What is the charm of Labubu?

The success of Labubu can be attributed to several key factors:

1. Mystery box sales model: This purchasing method, filled with surprises and uncertainties, greatly increases consumers' desire to buy.

2. Excellent Cultural IP: Labubu successfully crosses cultural barriers and is popular in both Asia and the West.

3. Global Strategy: Pop Mart is pushing Labubu into the international market, establishing stores in multiple countries and regions.

4. Industry Chain Support: China's well-established toy industry chain provides strong support for the production and sales of Labubu.

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The Harsh Reality of the Virtual Money Market

Although Labubu has achieved great success in the physical toy market, its eponymous Virtual Money has failed to sustain this momentum. Similar cases are not uncommon in the cryptocurrency market.

Take Pudgy Penguins as an example. Although its NFTs and physical toys were once all the rage, its associated Virtual Money PENGU still could not escape the fate of a significant price drop. Similarly, well-known NFT projects like BAYC and CryptoPunks have also gone through the process of soaring prices followed by a steep decline.

These cases indicate that even with physical products or well-known IP support, the speculation and volatility in the Virtual Money market are still difficult to avoid. When market enthusiasm wanes, virtual assets lacking practical application and value support often struggle to maintain high prices.

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Conclusion

The story of Labubu once again proves that true and lasting business success must be built on real value and continuous innovation. In the Virtual Money market, relying solely on hype and speculation will ultimately be unsustainable. For investors, this is undoubtedly a lesson worth pondering.