Labubus have succeeded in every way that NFTs have failed
Main Idea
Labubus, a non-blockchain collectible, has succeeded in embodying rarity, exclusivity, and community—key tenets of NFTs—better than actual NFT collections, despite not being part of the crypto space.
Key Points
1. Labubus, created by artist Kasing Lung in 2015, gained popularity through a partnership with Pop Mart in 2019 and celebrity endorsements like BlackPink's Lisa.
2. Labubus utilizes 'blind boxes' to create rarity and excitement, similar to NFT strategies, but without blockchain technology.
3. Unlike many NFT collections, Labubus has avoided the negative perception of being a cash grab, maintaining broader appeal and less cringe-worthy associations.
4. The success of Labubus highlights the failure of many NFT projects to achieve the same level of cultural acceptance and community engagement.
5. Labubus' success contrasts with NFT collections like Pudgy Penguins, which, despite attempts, have not achieved the same universal admiration.
Description
Rarity, exclusivity, and community are key tenets of NFTs — how did Labubus execute them so much better?
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