When did Bubble Mart crash? It's still early! BAYC is self-high in the circle, and the peak floor is 200ETH * 4000U = 800,000 U. Labubu is a global hot spot, and the current rarity is a few thousand U each. Wait until some of the rarer ones are 1 million u, and the top rare auction is 2 million u. The collapse of BAYC is that NFT issuance is too easy, the number of explosions, and the superposition of BLUR promotes the acceleration of NFT liquidity, the control is no longer feasible, and the consensus collapses. Labubu's issuance, circulation, sales, and operation are all tests of the level, and no rival can be compared with it, and the off-market rarities will not be diluted by any competitors, and there is no mature circulation market, and the pricing power is relatively well controlled. Under the blind box mechanism, if you draw one you don't like, you can comfort yourself and say that it's cute; finally won the one I liked, spent more money, and said that it was difficult to buy a happy master; Winning the super rare, I feel that I have made money and can appreciate in value. Therefore, the stock price may go down due to regulation or any short-term bearishness, but in the long run, it will go all the way up and become the Hermes of a new generation of young people. Of course, I'm never going to buy a PE above 100 stock right now, but I'm never bearish on it – but if I am given a chance below PE40 in the future, I should focus on evaluating whether there is a suitable opportunity.