The Rise and Fall of Labubu Toy Craze and Related Crypto Assets

Labubu is a uniquely shaped plush toy designed by the artist Long Jiasheng. It has a round body, big eyes, pointy ears, and nine sharp teeth, presenting a playful yet slightly fierce image. Long Jiasheng's creative inspiration comes from Nordic folklore and mythology, and Labubu is one of the main characters in his story series "The Monsters."

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This toy made its debut in 2015 and gained widespread attention after collaborating with a company in 2019. In the first half of 2024, the "The Monsters" series generated sales of 6.3 billion RMB. In April 2025, the third generation Labubu product sparked a buying frenzy in multiple countries. In May of the same year, a cryptocurrency of the same name was launched, but quickly fell into a downward trend.

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The success of Labubu is closely related to its sales model. The use of blind box sales increases the excitement and uncertainty of purchases, prompting consumers to buy repeatedly in pursuit of rare styles. In addition, Labubu, as an excellent cultural and creative IP, successfully crosses cultural barriers, gaining recognition from Asian cultures and also being favored by Western celebrities.

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However, the crypto assets related to Labubu cannot escape the fate of a sharp decline. This phenomenon is not uncommon in the crypto field. For example, the Pudgy Penguins project, although it issued NFTs, crypto assets, and physical toys, saw its NFT price drop from a high of 34.8 ETH to 8.9 ETH, and the related crypto asset PENGU fell by 78% within six months.

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Similarly, the Bored Ape (BAYC) NFT has fallen from a peak of 153.7ETH to 11.55ETH, and CryptoPunks has also dropped from over 125ETH to 41ETH. These cases indicate that even with physical products backing them, crypto assets related to toys still struggle to maintain high prices.

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The rapid rise and fall of Labubu-related Crypto Assets reflects their high speculative nature and lack of practicality. Although the popularity of physical toys is on the rise, when the market frenzy subsides, assets lacking actual value support will ultimately face a return to value. This phenomenon reveals the essence of certain Crypto Assets that are "born from speculation and perish due to the collapse of value bubbles."

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