Will Labubu, the global sensation, meet the same fate as NFTs?
TechFlow Selected TechFlow Selected
Will Labubu, the global sensation, meet the same fate as NFTs?
After all, even the most dazzling narratives will eventually burst one day, and so far, only BTC seems to have broken this curse.
Navigating Web3 tides with focused insightsBy: Blockchain Knight
Labubu is a fictional IP character created in 2015 by Hong Kong artist James Lung, part of Pop Mart's "THE MONSTERS" series. Its design blends Nordic mythological dark elf elements with Eastern aesthetics, forming a unique "ugly-cute" style that subverts the traditional sweet paradigm of toys.
Initially gaining niche popularity as an illustrated book character, Labubu skyrocketed from the art scene to become a global phenomenon after launching blind boxes in collaboration with Pop Mart in 2019.
In April 2024, BLACKPINK member Lisa posted on social media showing her Labubu doll, calling it "my baby," triggering a buying frenzy across Southeast Asia, with prices in Thailand surging sevenfold.
Soon after, celebrities including Rihanna and David Beckham’s daughter began attaching Labubu figures to their Hermès bags, elevating the toy into a "luxury accessory." This marked the beginning of a new speculative wave, fueling global obsession and driving market prices up several times over.
On June 10, the world’s only mint-condition first-generation mint-colored Labubu appeared at Yongle's 2025 Spring Auction, selling for a hammer price of 1.08 million RMB. This event pushed Pop Mart’s stock to an all-time high, contributing to nearly a tenfold increase in its share price within one year and making its founder the richest person in Henan province.
This scene inevitably reminds me of another globally viral product from just a few years ago—NFTs. Both were propelled by celebrity influence, crowned at auctions, and subject to mass speculation. The only difference is one represents physical assets, the other digital ones.
A deeper analysis reveals striking similarities in their core dynamics. Both rely on manufactured scarcity to trigger consumers’ fear of missing out (FOMO). Both thrive on social media virality: Labubu fans post rare finds on Xiaohongshu or TikTok, while NFT holders set their collectibles as profile pictures—both behaviors deeply rooted in social signaling.
So here comes the question: will they meet similar fates? After explosive hype and market speculation, do they eventually return to calmness—or even collapse into post-bubble wreckage? Recall that NFT avatars once sold for hundreds of thousands now have lost over 90% of their value.
Before answering, let’s briefly examine the trajectory of other classic Pop Mart IPs. MOLLY, Pop Mart’s first breakout IP (launched in 2006), generated scarcity through collaborations with luxury brands and streetwear labels. Some limited editions exceeded 10,000 RMB, with scalper markets seeing 300% markups. However, the popularity cycle for new series has shortened to just 6–12 months, and many models have seen prices halved from peak levels.
Another IP, SKULLPANDA, dropped 40% in resale value within six months due to oversupply.
We lack comprehensive data on price fluctuations across all Pop Mart IPs, but representative examples consistently show a return to stability—and significant price corrections—after initial speculation, closely mirroring the NFT pattern.
Currently, the secondhand market price for LABUBU, originally priced at 599 RMB, has soared to nearly 15,000 RMB. This evokes memories of Bearbrick, the trendy building-block bear that surged in popularity over a decade ago. At its peak, Chanel’s co-branded Bearbrick sold for 220,000 RMB, yet today most models retain only 30%-50% of their original value. Can Labubu escape the same fate?
Perhaps history has already given us the answer. After all, even the most dazzling narratives eventually burst—so far, only BTC seems to have broken this curse.
Moreover, Labubu’s scarcity is merely constructed through official storytelling. In contrast, NFTs possess inherent, absolute scarcity that cannot be altered or manipulated technologically. From this perspective, the combination of NFT + Labubu becomes even more intriguing—but that, as they say, is another story.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
