《Labubu and NFT: A Consensus Game Between the Physical and the Virtual》

In 2021, NFTs swept the globe. Beeple's digital collage sold for $69 million, the Bored Ape Yacht Club (BAYC) rose from $200 to $400,000, and celebrities like Curry and Jay Chou switched to monkey avatars—a JPG became a social asset.

Interestingly, this is strikingly similar to the rise of Labubu:

Scarcity design: Hidden models vs Rare attributes

Celebrity endorsements: Lisa street photography vs Curry avatars

Secondary speculation: Trendy toy trading groups vs OpenSea

But two years later, their fates diverged: the BAYC floor price dropped by 90%, while #Labubu successfully invaded the luxury goods circle. Some customers, in order to match their beloved Labubu, entered a store for the first time and bought a handbag worth tens of thousands.

"This is no longer just a toy," XX shook the hidden model in his hand, "It's a tangible meme coin."