To be honest, as someone involved in branding, I can really empathize with the popularity of Labubu. It's not about sentimentality or trends, but because it resembles things we are familiar with, #NFTs and meme coins. Blind box mechanism ≈ mint Rare items ≈ rare NFT Premium on QD / Dewu ≈ secondary market trading "I have one too" ≈ identity projection & emotional consensus The price isn't the focus; social symbols + sense of ownership + capturing trends are what matter. Labubu isn't an NFT, but its dissemination logic is highly similar. And it's "lighter" than NFTs: No need for a wallet, no need to understand blockchain, no need to rush for white lists. Just click a mini program, place an order successfully, or queue at a physical store while shopping, and if you're lucky enough to get a box, you've instantly joined a club of owners. It has social attributes, and it's different from #BAYC. BAYC is the "entry threshold" avatar of the crypto circle, while Labubu is the "I understand you" of the trendy toy world. You won't ask about Labubu's "long-term value"; you'll only ask: Can this hidden version multiply tenfold? Can this color scheme be showcased on LV for effect? So, I increasingly feel that Labubu is a non-chain consensus experiment. It's not the ERC-721 we are familiar with, but it has the familiar fomo, premium, and sense of identity. It replicates the logic and gameplay of "consensus assets"; it just hasn't been put on-chain. What’s being speculated on are the accessories, what’s being bought are the topics, and what’s being occupied is a cultural position within a group. It's not that "young people love to speculate"; rather, our generation is already very familiar with: How to build our identity map and asset map from images, jokes, avatars, and toys. Labubu is just another entry point. #Labubu #Meme #NFT #Crypto