After the explosive popularity, will Labubu meet an end like NFT?

Hong Kong artist Lung Ka Sheng's Labubu, created in 2015, has recently become popular, but the hype price has declined, what is the final outcome? (Synopsis: $Labubu broke through 0.074 magnesium to a new high! Imitation plates on the chain, IP culture into the main narrative of hype? (Background supplement: Sequoia Capital knew about bubble mart 9 years ago, and it had to invest 100 million!) Why did you still miss it? Labubu is a fictional IP character created in 2015 by Hong Kong artist Lung Ka-sheng as part of Bubble Mart's "THE MONSTERS" series. Its design combines the dark elf elements of Norse mythology with oriental aesthetics to form a unique "ugly" style, subverting the sweet formalization of traditional toys. Initially spread as a picture book character niche, after launching a blind box in collaboration with Bubble Mart in 2019, it quickly jumped from the art circle to a global phenomenal trendy play IP. In April 2024, BLACKPINK member Lisa showed off the Labubu doll on social media, calling it "my baby", which triggered a rush of sales in Southeast Asia, and the Thai market premium was 7 times. Subsequently, stars such as Rihanna and Beckham's daughter hung Labubu on Hermès bags, promoting its upgrading from toys to "luxury accessories", thus opening a new "hype road", which triggered global popularity, and its market price was also speculated several times. And on June 10, the world's only original mint-colored Labubu was unveiled at the Yongle 2025 Spring Auction, with a hammer price of up to 1.08 million yuan, and pushed the stock price of Bubble Mart to a record high, making its stock price rise nearly 10 times in a year, and the founder also became the richest man in Henan. This situation inevitably reminds the author of another product that was also popular in the world a few years ago - NFT, which is also led by the celebrity effect, the same crown of the world at auction, and the same national hype, but one is a physical asset and the other is a virtual asset. Deeper analysis, we can also see that the spiritual core of both seems to be full of similarities, such as both stimulate consumers' "fear of missing out (FOMO)" by creating scarcity; Another example is that both rely on social media fission, Labubu users hide money in Xiaohongshu or TikTok, and NFT players set their collections as social media avatars, all of which are full of strong social attributes. So the question is, will the two have a similar ending? From experiencing hot market hype, it finally returned to calm, and even ushered in a chicken feather after the hype bubble period, after all, millions of NFT avatars have now fallen by 90% of their value. Before that, we can briefly look at the development of other classic IPs of Bubble Mart, MOLLY as the first explosive IP of Bubble Mart (born in 2006), through cross-border cooperation with luxury goods, fashion brands to create scarcity, some joint models unit price of more than 10,000 yuan, scalper market premium of 300%, but the new series of heat cycle shortened to 6-12 months, some styles of higher prices peak. ANOTHER IP, CALLED SKULLPANDA, FELL 40% IN HALF A YEAR DUE TO A SURGE IN SUPPLY. We don't have any data to compare the price fluctuations of all IPs released by Bubble Mart, but some highly representative IPs have generally returned to calm after experiencing market hype, and the price has also seen a lot of retracement, which is almost the same as NFT. At present, in the second-hand market, the original price of 599 yuan LABUBU has been speculated to nearly 15,000 yuan, which is inevitably reminiscent of another popular Bearbrick more than a decade ago, when Chanel's co-branded model sold for a high price of 220,000 yuan, but most models are only 30%-50% of the original price, so can Labubu escape such a fate? Perhaps past history has told us the answer, after all, no matter how brilliant the narrative will be broken, it seems that only BTC has not broken this curse. What's more, Labubu's scarcity is only shaped by the official description, to know that NFT naturally has absolute scarcity, and technically cannot be broken, nor can it be intervened by humans, then NFT+Labubu seems to be more interesting from this point of view, but this is another story. Related reports 1 month 40 times earnings, how do P youngsters grab $LABUBU $LABUBU Meme coin rose 2000% in two weeks, and Bubble Mart Global snapped up the "super IP" stock price to a new high NFT is back? Market data "back to 2022", OpenSea integrates OS2, games drive the boom "Silence after the explosion, will Labubu usher in the same ending as NFT? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".