Looking at Pop Mart's book "Because of Uniqueness," I found that in Wang Ning's eyes, Pop Mart is not just a blind box marketing platform, but a distribution platform for trendy toys and IPs.

I used to think that blind boxes were Pop Mart's lifeline, and conspiracy theorists claimed it was a money laundering or gambling platform.
In reality, blind boxes are just one of its distribution methods.
What truly matters and is valuable are the signed artists, managing IPs, and the ability to distribute IPs.