Labubu: From a Global Toy Sensation to the Rise and Fall of Virtual Money

The Labubu toy series launched by Pop Mart has triggered a global craze in 2024, leading to a surge in the company's stock price, with a market value exceeding HKD 350 billion. As of the end of 2023, the company has 401 stores in mainland China and 130 stores in Hong Kong, Macau, Taiwan, and overseas, with operations in over 30 countries and regions, and overseas revenue accounting for more than 38%. However, the associated virtual money LABUBU has failed to maintain this momentum, with its market value currently dropping to USD 27.89 million, a 24-hour decline of 20.4%.

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The Origin and Development of Labubu

Labubu is a unique sprite toy characterized by its round body, big eyes, pointy ears, and a mischievous smile made up of nine sharp teeth. This image was designed by artist Long Jia Sheng, who was born in Hong Kong and grew up in the Netherlands, inspired by Nordic folklore.

Labubu made its debut in 2015 and quickly gained popularity after collaborating with Pop Mart in 2019. In the first half of 2024, the "The Monsters" series, to which Labubu belongs, achieved sales of 6.3 billion RMB. In April 2025, the third generation of Labubu products sparked a buying frenzy around the world.

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The Reasons Behind Labubu's Popularity

1. Blind Box Sales Model: Increases the excitement and uncertainty of purchases, driving up secondary market prices.

2. Excellent Cultural IP: Bridging cultural barriers, loved by both Asian and Western stars.

3. Industry Chain Support: China's完善的产业链和成熟的产业生态为其发展提供了有力支撑.

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The Rise and Fall of Virtual Money LABUBU

Despite the immense popularity of Labubu toys, the eponymous virtual money LABUBU has not escaped the fate of a sharp decline. This phenomenon is not uncommon in the virtual money market, with similar projects including Pudgy Penguins, BAYC, and CryptoPunks.

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The Fat Penguin NFT has dropped from a high of 34.8ETH to the current 8.9ETH, and its virtual money PENGU has fallen from a peak of 0.0428 dollars to 0.009369 dollars. The Bored Ape NFT has decreased from a peak of 153.7ETH to 11.55ETH, and CryptoPunks has also fallen from above 125ETH to 41ETH.

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These cases show that even with physical products to support them, or limited to the realm of digital assets, many Virtual Money projects struggle to avoid a significant decline after a brief period of prosperity. The rapid rise and fall of LABUBU Virtual Money reflects its highly speculative nature and lack of practical application value.

Although the Labubu toys from Pop Mart remain popular, the virtual money LABUBU, which lacks practical value support and relies on speculation, ultimately cannot escape the value collapse after the market cools down. This phenomenon once again confirms the essence of many virtual money projects "born from speculation, and dying from bubble bursts."

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