Pop Mart’s Labubu dolls have exploded into a global phenomenon, going viral on TikTok, selling out in seconds, and commanding six-figure prices at auction. In this episode, we explore how a quirky $15 blind box toy became the crown jewel of a $43 billion business. From artist-driven IP to a booming adult collector market, Pop Mart is reshaping how China exports culture. But with rising regulation and fears of a blind box crackdown, could Labubu’s moment already be peaking?

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