Labubus, created by artist Kasing Lung in 2015 and popularized through a partnership with toy maker Pop Mart in 2019, have proven to be a successful collectible by leveraging principles that many NFT projects have struggled with, including rarity, exclusivity, and community-building. Unlike NFTs, which have failed to maintain lasting public interest aside from a few exceptions, Labubus have engaged collectors through 'blind boxes' that create a sense of uncertainty and excitement, tapping into psychological rewards similar to gambling. Even celebrities like BlackPink's Lisa and Rihanna have been spotted with Labubus, increasing their appeal and visibility. While NFTs have been criticized for their cash-grab nature and technological inaccessibility, Labubus have embraced a whimsical charm that resonates with a broader audience. As a non-digital, tangible collectible, Labubus have achieved lasting appeal that NFTs have yet to replicate, leaving skeptics to wonder if Labubus will ever tread into the blockchain arena.

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