Why Invest in Capybobo: A Rarity Opportunity in the TON Ecosystem Collectibles Sector
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Why Invest in Capybobo: A Rarity Opportunity in the TON Ecosystem Collectibles Sector
When the GameFi dividend peaks, the real value lies in collectible experiences that bridge virtual and real worlds.
Navigating Web3 tides with focused insightsFrom late May to September, Capybobo surpassed 2 million users in under five months, achieved over 460,000 DAU, and generated $2.5 million in in-game purchase revenue, with an ARPPU of $94. Compared to other GameFi projects in the TON ecosystem during the same period, these figures stand out.
The project initially launched with a traditional GameFi model, where players obtained game skins with designer toy attributes through gacha mechanics. These skins not only serve decorative purposes but also provide multipliers for the upcoming $CAPY airdrop. Building on this foundation, the team is transitioning the project from a pure gaming experience toward a "digital + physical" collectibles ecosystem.
Market validation for this transformation has already emerged. At Tokyo WebX on August 25–26, 2025, the offline debut of PYBOBO outfits drew long queues as attendees claimed co-branded clothing, demonstrating clear market demand for this new collectible model. As NFT trading within the TON ecosystem grows more active and outfit-themed NFT blind boxes are set to launch, Capybobo is poised to become a bridge connecting the traditional designer toy market with Web3.
Current State and Opportunities in TON's Collectibles Market
Reviewing recent developments in the TON ecosystem reveals a notable trend: the collectibles sector is showing strong growth momentum.
In July 2025, Snoop Dogg’s Telegram Gifts sold out within 30 minutes, with nearly 996,000 NFTs generating $12 million in sales. Earlier, the floor price of Plush Pepe NFTs had reached 5,000 TON (approximately $15,000), with one variant selling for 25,000 TON. According to media reports, even the founder of Moonbirds acquired Plush Pepe #2641 for $22,000, comparing it to the "CryptoPunks of TON NFTs."
These cases demonstrate genuine user demand within the TON ecosystem for high-value collectibles. While various collectible options exist, projects combining true scarcity and brand value remain limited, revealing a clear supply-demand imbalance between high-value collectibles and Telegram’s vast user base.
Notably, real-world value exchange for NFTs on TON has already occurred. Recently, TON influencer Lucha and Portals marketplace co-founder Roxman completed a unique transaction: 18 rare Telegram digital gifts were exchanged for a Porsche 911 GT3 valued at over $350,000. This "digital asset → real-world value" conversion path opens new possibilities for the utility of collectibles.
The car covered in Telegram Gifts
According to Dune data, the total market cap of Telegram Gifts has reached approximately $160 million, with daily trading volume peaking at $9 million. This growth trajectory indicates that TON’s collectibles market is transitioning from experimental stages to mature business models.
"We want to bring designer toys into crypto": From the Lisa effect to WebX2025
The traditional designer toy market is experiencing rapid growth. The Labubu phenomenon offers a vivid example: by the end of 2024, Blackpink member Lisa’s social media influence led to global sellouts of Labubu, with rare variants seeing premiums of tens of times their original price. A customized outfit economy quickly emerged around Labubu, making dressing designer toys a global trend across platforms like Instagram and Xiaohongshu.
Lisa and Rihanna wearing Labubu
DIY enthusiasts customizing outfits and displaying collections
Industry data shows that overseas doll collectors have a repurchase rate 37% higher than domestic ones. More importantly, premium brands are joining this trend: Pop Mart’s collaboration with PRONOUNCE debuted at Milan Fashion Week 2024, with LABUBU wearing custom outfits on the runway, officially bringing designer toys into high fashion.
Meanwhile, similar experiments are underway in Web3. Some exchanges have given away Labubus dressed in branded outfits during events, mirroring Capybobo’s approach at WebX2025—indicating industry recognition and adoption of this model. These parallel efforts suggest that the "digital IP + physical collectible" model is gaining traction across multiple domains.
Labubu wearing Capybobo and MEXC outfits
Capybobo’s Investment Thesis: Analysis of Three Key Factors
Unlike most TON projects driven primarily by airdrop expectations, Capybobo has already achieved real commercial revenue through its GameFi model. This provides a solid user base and financial support for its transition into a collectible IP.
From an investment perspective, Capybobo possesses three critical elements:
First is channel-product-market fit. The project has successfully leveraged the Telegram ecosystem to achieve user acquisition, retention, and monetization. As of September 2024, its 2 million user base and $94 ARPPU (based on internal company metrics) demonstrate strong product-market fit, laying the groundwork for future IP-driven evolution.
Second is cash flow and tokenization balance. Unlike purely airdrop-driven projects, Capybobo has generated $2.5 million in actual in-app purchase (IAP) revenue. According to its whitepaper, the project plans to establish a long-term incentive mechanism based on collectible rarity, shifting from the conventional "TGE-and-done" model to sustainable designer toy IP operations.
Third is sustainable narrative supply. PYBOBO Outfit NFTs, as the core product, offer continuous new releases and proven digital-to-physical fulfillment capabilities. The success at WebX2025 validated the feasibility of moving from concept to physical delivery.
Digital-Physical Integration + Airdrop Incentives: Capybobo’s Multi-Layered Value Model
Capybobo is creating a next-generation Web3-native designer art toy IP, integrating gaming, collectibles, and real-world design. Its business model is built on the value chain of "game skins → outfit NFTs → physical redemption." The skins earned in-game inherently carry designer toy DNA, while the upcoming PYBOBO Outfit NFT blind boxes will be tradable on secondary markets both within and beyond the TON ecosystem, and can also be redeemed for physical 12cm vinyl figure outfits.
Beyond physical redemption, holders of PYBOBO Outfit NFTs will receive exclusive airdrop rights within the Capybobo ecosystem. According to the whitepaper, rarity determines airdrop weight—common versions grant baseline weight, while rare or hidden editions can offer multipliers of up to dozens of times. This dual mechanism of "digital-physical integration + airdrop incentives" gives the collectibles investment value beyond traditional designer toys.
The whitepaper outlines a long-term vision of building a complete designer toy ecosystem. Beyond online NFTs and redemption services, Capybobo plans to open flagship physical stores in major global cities, selling limited-edition outfits, exclusive blind box series, and related collectibles. These offline spaces will serve as gathering points for collector communities and as exhibition and transaction hubs for digital and physical collectibles.
The project’s token serves not only for airdrop distribution but also powers a full-fledged ecosystem economy. It can be used to purchase in-game items and skins, participate in DAO governance decisions, and secure priority access to future designer toy products. Long-term holders benefit from sustained incentive mechanisms, enabling diversified value sharing from game revenue to IP licensing.
Capybobo’s core innovation lies in its integration of virtual gaming experiences, physical designer toy collecting, NFT digital assets, and token airdrop benefits into a unified framework. This multidimensional value stacking creates a closed-loop experience spanning digital entertainment to physical ownership.
Risk Considerations: Three Constraints to Monitor
Execution Risk and Supply Chain Challenges
While the model of redeeming digital NFTs for physical outfits is innovative, it introduces complexities in supply chain management. Execution capability in mass production, quality control, and global logistics will directly impact user experience and brand reputation. Although the proof-of-concept at WebX2025 demonstrated feasibility, uncertainty remains when scaling from small trials to large-volume deliveries.
Compliance Boundaries and IP Licensing
The project involves commercial use of designer toy IPs, requiring careful handling of intellectual property rights. Especially in collaborations with well-known brands, formal licensing agreements must be established to avoid potential legal disputes. Additionally, compliance requirements related to cross-border e-commerce, including trade regulations and consumer protection laws, must be continuously monitored.
Uncertainty in Ecosystem Evolution
While the TON ecosystem provides Capybobo with unique distribution advantages, the ecosystem itself is rapidly evolving. The project must adapt to Telegram platform updates, TON network technical upgrades, and shifts in the broader ecosystem’s business models. While this dynamism offers first-mover opportunities, it also demands strong adaptability and technical agility from the team.
Conclusion
The TON ecosystem is evolving from GameFi toward a diversified collectibles economy. In this shift, projects capable of bridging digital and physical realms may command scarcity premiums.
Leveraging a proven user base and differentiated positioning, Capybobo is establishing early leadership in its niche. Its outfit NFT + physical redemption model is unique within the TON ecosystem, and on-site validation at WebX2025 confirmed its practical feasibility.
Certainly, risks related to supply chain execution, compliance, and ecosystem evolution require ongoing monitoring. However, given the growth potential of TON’s collectibles market and the early stage of convergence between traditional designer toys and Web3, Capybobo’s innovative model remains highly noteworthy.
Within a super-app ecosystem of 1 billion users, collectible experiences that connect virtual and physical worlds may hold more enduring value than purely digital assets.
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