BEIJING, June 17 (Xinhua) -- In the early hours outside a New York mall, enthusiastic young fans camped overnight, eager to purchase the elusive Labubu doll. Meanwhile, in Paris, shoppers proudly displayed Labubu shopping bags as they posed for photos in front of the iconic Louvre Museum. In Seoul's bustling Myeongdong shopping area, long queues formed—not for K-pop stars, but for Labubu, whose catchy theme song rang out across the Spanish streets.

At the heart of this global fervor lies Labubu, a quirky, sharp-eared figure adorned with jagged teeth and a playful, ambiguous expression. This unique creation from China is capturing the attention and imagination of youth around the world.

The Labubu craze has sparked not only long lines at retail locations but also thriving secondary markets and rental services, with standout transactions showcasing the demand. A unique, human-sized mint-green Labubu recently sold for a staggering 1.08 million yuan (approximately 150,531 U.S. dollars) during an auction in Beijing, setting a new benchmark for the blind box toy as it shifts from a viral fad to a highly sought-after collectible.

This nine-toothed creation from Pop Mart is transcending its status as a mere toy, evolving into a cultural and commercial phenomenon. The company's "The Monsters" series generated over 3 billion yuan in revenue in 2024, marking a remarkable 726.6 percent increase from the previous year and establishing Labubu as their most successful intellectual property to date.

According to Jessie Xu, an analyst at Deutsche Bank, traditional boundaries are being dismantled, allowing for a rare bond between comic or toy intellectual properties and an appreciation among both Asian and mainstream Western pop culture icons. Xu noted that Deutsche Bank has significantly raised its target price for Pop Mart shares, exemplifying the confidence in Labubu's market performance.

Labubu's rise not only depicts a passing toy trend but also signifies a pivotal change in China's role on the global stage. The nation is evolving from a 'world factory' into a 'global creative center,' as highlighted in commentary from Qiushi Journal, illustrating the country’s gradual economic evolution from being perceived solely as a low-cost manufacturing powerhouse.