In a rapidly changing landscape of consumer preferences, a fascinating trend has emerged: the rise of hype as a crucial product attribute. This phenomenon is epitomized by Labubu, the enchanting elf-like dolls created by Pop Mart, which have captivated audiences worldwide. Initially, these collectible toys punched above their weight due to their artistic design, but their true allure has stemmed from the excitement surrounding their limited availability and the rampant discussions on social media. A similar pattern can be observed with non-fungible tokens (NFTs), which, despite their initial promise of transforming digital ownership, often serve as vehicles of speculative excitement rather than substantive investment.
This evolving paradigm diverges from traditional metrics of product value where utility and quality took precedence. By orchestrating an environment rife with anticipation through tactics such as limited releases, influencer partnerships, and engaged online communities, marketers have effectively turned desire itself into the focal attraction. In the case of Labubu, the strategy of blind-box releases—where purchasers are unaware of which variant they will receive—has not only created a buzz but also ignited a booming resale market, driving prices into the thousands, according to insights from AInvest. Similarly, NFT markets have demonstrated erratic cycles of enthusiasm and correction, with brands still tapping into them as a source of excitement despite the lack of deep value.
At the core of this hype-driven sales model lies the principle of scarcity, an age-old commercial tactic that has been amplified by digital strategies. Pop Mart’s approach to Labubu, for example, involves tightly controlling production and linking product launches to viral moments—such as celebrity sightings that boost visibility and desirability. Analysis from Brandwatch indicates that this “mystery marketing” strategy has been instrumental in Labubu’s viral ascendance, leading to a remarkable 204.4% surge in Pop Mart’s revenue in the first half of 2025.
NFTs have adopted a similar trajectory, promoting the idea of blockchain-enforced uniqueness, yet the allure is more about the communal excitement than genuine ownership. Projects like the Bored Ape Yacht Club have effectively turned digital artworks into cultural status symbols propelled by “fear of missing out” (FOMO) trading. However, both Labubu and NFTs face the looming threat of market corrections, a reality underscored by Labubu’s recent stock dip of 7%, as reported by Analytics Insight.
The convergence between physical collectibles like Labubu and digital assets such as NFTs indicates the blurring of boundaries in consumer culture. Crypto enthusiasts have even introduced Labubu-themed tokens on platforms like Solana, revealing a 4,700% increase in one such meme coin in just a month, according to social media updates. This crossover highlights the universality of hype—where the tangible appeal of physical toys counterbalances the criticisms often directed at the intangibility of NFTs.
Yet, the sustainability of these models is under scrutiny. Although Labubu’s brand storytelling has resulted in meaningful consumer engagement, many NFTs have struggled to maintain value post-hype. The projected growth of NFT market values from $49 billion in 2025 to over $700 billion by 2034 indicates a speculative bubble, as outlined by AInvest. This suggests that brands need to tread carefully; an over-dependence on hype could lead to disengaged consumers over time.
For brands navigating this hype economy, the trajectory of Labubu and NFTs provides essential insights into consumer behavior. While the current trend offers a path to rapid returns, maintaining brand loyalty amid continuous hype presents its own challenges. Pop Mart’s success with Labubu shows the advantage of integrating consumer feedback into the product evolution process and potentially exploring NFT elements to enhance physical sales.
As NFT projects shift towards presenting utility—such as gameplay integrations—to extend their lifespan, the critical lesson for marketers is clear: authentic excitement that transcends mere scarcity is necessary for lasting success.
However, this market isn’t without its pitfalls. Environmental criticisms surrounding energy-heavy blockchains have tainted NFTs, a challenge that Labubu sidesteps thanks to its tangible nature. Recent social media buzz around Labubu tokens presents both excitement and caution, echoing the volatility inherent in NFT markets where value can sharply decline after initial speculation.
As the year unfolds, brands aspiring to leverage this model must prioritize ethical marketing practices to avoid backlash. Pop Mart’s recent stock trends highlight the volatile nature of this approach and the imperative for brands to transform fleeting excitement into enduring value. The ultimate challenge lies in striking a balance that could redefine marketing strategies in the years ahead.
