Recently, Labubu dolls from POP MART have become hugely popular, with customers scrambling to get their hands on them, turning POP MART vending machines into scenes of “battle royales” and resulting in multiple incidents of fights in several locations.
POP MART is a Chinese trendy toy company that gained massive popularity in China years ago with its blind box economy model and its diverse IP designs, which has become addictive to countless young people. Recently, the Labubu character, a little elf showing nine teeth, has taken the world by storm.
What is a blind box? It is a concept where you only find out what’s in the box after paying. The appeal of the blind box lies in its randomness and uncertainty, making each unboxing an adventure filled with anticipation and excitement.
It is reported that the Labubu doll, originally priced at 99 yuan, is now being resold for as much as 500 yuan on the secondary market. Some “hidden” versions, with a low chance of being found, and branded collaborations have been resold at several times their original price. Certain models are even being sold for over 10,000 yuan. On June 10th, a limited edition of the brown LABUBU Version 15 sold for 820,000 yuan, while another mint green first-generation LABUBU collectible fetched an astonishing 1.1 million yuan, setting a new record for the auction of trendy toys and further fueling the craze.
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