As one of the most popular IPs under Pop Mart, Labubu has been popular for many years. As early as around 2020, it had created a wave in the Chinese market. But what truly propelled it to international fame was BLACKPINK member Lisa's promotion—since last year, Lisa has been spotted multiple times hanging Labubu on her luxury bags from LV and Hermes.
As a result, more and more top stars began to showcase their Labubu. Five years later, this IP swept the fashion circles of Southeast Asia and Europe and America, even making it to the covers of foreign fashion media: 'Is LABUBU the most popular bag accessory in 2025?'
Global fashion icon Rihanna hung a pink Labubu on her Louis Vuitton tote bag at the airport; pop music award winner and new international fashion darling Dua Lipa showcased two Labubu on her orange handbag on Instagram, becoming a trending topic; Lisa's name is well-known among Chinese youth, and her Instagram story often features walls full of Labubu collections, making her a wild brand ambassador for Labubu.
For ordinary people, it doesn’t matter if they can’t afford Hermes. A Labubu for less than 200 bucks can get them a celebrity-style piece and even allow participation in the top trend circle's social consensus.
In fact, this is not Labubu's first moment of glory. Around 2020, Labubu experienced its first breakout moment. The blind box culture rapidly swept the Z generation, satisfying individual expression while sparking debates about 'scarcity'. The joy of drawing a hidden version is like winning a lottery. On the secondary market, certain Labubu figures skyrocketed from hundreds to thousands of dollars, and unboxing videos of 'drawing hidden versions' became a phenomenon on social platforms.
In a sense, Labubu has long ceased to be a toy; it has become a financial product that can be priced, speculated on, and circulated.
Interestingly, around 2020, during Labubu's first wave of popularity, another financial product with a trendy cultural IP, NFTs, was also exceptionally hot in a more virtual space—something familiar to friends in the crypto world.
The climax for NFTs came during an auction on March 11, 2021, when the famous artist Beeple's NFT work was sold at Christie's auction, with the final price frozen at $69.34 million at the last second. This NFT artwork became the 53rd most expensive artwork in the world, and Beeple entered the top three in terms of artwork value among living artists.
The internet also gave NFTs a perfect boost. The two largest social platforms on the planet, Tencent and Facebook, focusing on augmented reality and virtual reality (AR/VR) is no coincidence; they envision the future internet as the Metaverse, a world where the virtual and real can seamlessly connect, and the term NFT has been discussed multiple times in relation to the Metaverse, representing ownership, which fits perfectly in the Metaverse.
In just a few months, the term 'NFT' landed worldwide.
American rapper Soulja Boy with 5 million followers on Twitter released his own NFT; Mark Cuban, owner of the NBA championship team Dallas Mavericks, issued an NFT; a dunk by superstar LeBron James was made into an NFT and sold for $250,000; top clubs like Barcelona and AC Milan also have their own NFTs.
In that wave of NFT frenzy, the most representative IP is undoubtedly BAYC (Bored Ape).
Jimmy Fallon showcased his ape on a talk show, calling it 'the symbol of identity for the next era'; Snoop Dogg and Eminem performed on stage at the MTV awards with BAYC images; Justin Bieber spent $1.3 million to acquire a rare ape; top athletes like Curry and Neymar have boosted its popularity; celebrities like Jay Chou and JJ Lin have also shared their BAYC avatars; the traditional finance sector has also caught this trend: Cai Wensheng, chairman of Meitu Group listed in Hong Kong, and Zhu Xiaohu, partner of GSR Ventures, are both holders.
A small image can reflect identity labels and 'social assets'.
In trading terms, BAYC has pioneered the pinnacle paradigm of NFT assetization: at its peak, a single piece sold for as much as $400,000 (approximately 150 ETH), with floor prices surpassing 100 ETH, and total trading volume exceeding $1.5 billion.
NFTs and Pop Mart are essentially doing the same thing: using a seemingly toy-like medium to stimulate the desire for participation, expression, and a sense of belonging within a community.
