Labubu: The Rise and Fall of Mystery Box Toys to Crypto Assets

In 2024, a plush character toy named Labubu sparked a global craze. Designed by artist Long Jiasheng, this toy quickly became popular due to its unique appearance and sales method. Labubu features a round body, big eyes, pointy ears, and nine sharp teeth, forming a mischievous smile that is loved by consumers.

!7377605

Labubu made its debut in 2015, but it gained widespread attention only after collaborating with a toy company in 2019. In April 2025, the company launched the third generation of Labubu PVC plush products, sparking a buying frenzy in multiple countries. In May of the same year, a Crypto Asset named Labubu was introduced, which attracted attention in the short term but ultimately fell victim to a significant price drop.

!7377606

The success of Labubu is closely related to its unique sales model. The use of mystery box sales increases the excitement and uncertainty of purchasing, attracting consumers to buy repeatedly in pursuit of rare styles. Experienced collector Desmond Tan states that the surprise element of mystery boxes is a major attraction, and he judges the contents by shaking the mystery box, a behavior commonly seen in toy stores.

!7377657

In addition, Labubu, as an outstanding cultural and creative IP, has successfully crossed cultural barriers, being embraced by Asian culture as well as loved by Western pop music and sports stars. Xinhua News Agency has pointed out three major reasons for Labubu's explosive popularity: the cross-cultural global consumer goods characteristics, the patience in creation and promotion along with innovative breakthroughs, and China's complete industrial chain and mature industrial ecosystem.

!7377641

However, the Crypto Assets related to Labubu have not escaped the fate of a sharp decline. A similar situation has occurred with other Crypto Assets related to physical toys, such as Pudgy Penguins. Despite Pudgy Penguins achieving good sales in physical toys, their associated NFTs and Crypto Assets have still experienced a significant drop.

!7377642

Bored Apes (BAYC) and pure digital assets like CryptoPunks once enjoyed a period of glory, attracting investments from sports stars and tech companies, but ultimately could not escape the fate of a price collapse. These cases indicate that even with physical products to support them, the value of virtual assets maintained solely by speculation will eventually return to rationality.

!7377626

!7377630

The rapid rise and fall of the cryptocurrency associated with Labubu reflects its highly speculative nature and lack of practical application value. Although physical Labubu toys once sold well, when the market boom subsides, virtual assets without real value support will eventually face the bursting of the value bubble. This phenomenon is a typical portrayal of the cryptocurrency market, which is "born of speculation and dying of bubbles".

!7377639