What Pop Mart is really playing is NFTs and MEME.

The peak was when Wang Ning’s “Because of Uniqueness” went viral, and Beckham was selling products.
After that, it was all downhill.
Their most recent strategy and combat-style focus has been on making small home appliances and things like that—similar to how MEME project teams start rolling out merchandise.
If we take reference from the sentiment and consensus in the crypto圈, and combine it with Pop Mart’s strong brand and resilience, the odds of something like a 90% drop as with MEME are not high—right now it’s already down more than 50%, and if it gets cut in half again, it still wouldn’t reach that level.