LABUBU: What Happened to the Hype? The Rise, Peak & Future of POP MART’s Biggest Phenomenon!

Labubu went from a strange little art toy character to one of the biggest collectible crazes in the world. POP MART stores had massive lines, releases sold out instantly, resale prices exploded, celebrities were clipping Labubu to designer bags, and THE MONSTERS became a billion-dollar phenomenon. But now... things feel different.

In this new video (posted above OR direct on YouTube), I take a look at the incredible rise of Labubu, the peak of the hype, and what is happening in 2026 as availability increases, resale prices cool and collectors begin asking a very important question: where did all the Labubu hype go? We’ll look at how Kasing Lung’s THE MONSTERS went from a niche designer-toy property to one of POP MART’s most important brands, along with the role blind boxes, plush pendants, celebrity exposure, social media, scarcity and resellers played in creating the frenzy.

I also dig into the numbers behind the slowdown, including the dramatic growth of THE MONSTERS, changes in its share of POP MART’s overall revenue, the collapse of some secondary-market premiums, increased production, changing collector behavior and the rise of other POP MART characters competing for attention. But I don’t think Labubu is dead.

The bigger question is whether POP MART can turn a once-in-a-generation viral moment into something collectors will still care about 5, 10 or even 20 years from now. Should POP MART slow down releases? Focus more on Kasing Lung’s original storytelling? Create more animation, books and artist-driven collectibles? Or does Labubu simply need some time away from the spotlight? I’d love to hear what you think.

When did you first discover Labubu? Did you get pulled in by the hype, or were you collecting THE MONSTERS before things exploded? And what would POP MART need to do to make you genuinely excited about Labubu again? Drop your thoughts in the comments on the video HERE and be sure to subscribe!