Feng Huang Wang·2025-09-12 11:07Group 1 - The core argument is that the speculative bubble in the collectible toy market, particularly around Labubu, is rapidly deflating as the consensus on its value dissipates, leading to significant price drops [2][10][12] - The price of Labubu collectibles has seen a drastic decline, with the stock price of Pop Mart dropping 7.5% to below 300 HKD, and previously high resale prices for Labubu collectibles falling to half their original value [2][10] - The market for collectible toys is shifting from speculation to rational collection, indicating a change in consumer sentiment and demand dynamics [2][10] Group 2 - The initial high auction prices for Labubu collectibles were driven by speculative investment rather than genuine interest, similar to practices seen in antique auctions [3][4] - The concept of value consensus is crucial for the sustainability of collectible prices; without a strong collective agreement on value, prices are likely to fall [5][10] - The collectible toy market, including Labubu, faces challenges in maintaining value due to the lack of inherent utility and the rapid changes in consumer interest [10][12] Group 3 - The comparison between the collectible toy market and the sneaker market highlights that both are subject to speculative bubbles, with sneaker prices also experiencing significant declines in recent years [10][12] - The need for Pop Mart to invest more in marketing and IP collaborations to sustain interest in Labubu may impact its profitability in the long run [12] - The dynamics of the collectible market suggest that it operates like a "hot potato" game, where the last holder may face significant losses as interest wanes [2][12]