Have you ever heard of the Beanie Babies craze of the 90s? Some argue that this history is very similar to the current NFT boom.
Beanie Babies is a plush doll filled with bean-shaped polyvinyl chloride produced by Ty Toys and Chinese named "Beanie Baby".
▲ Image courtesy of Getty Images
In late 1996, it began to set off a whirlwind of collection, trading and hype in Europe and the United States.
It was also one of the first Internet booms.
The main reason is the scarcity strategy of Ty Toy Company.
It deliberately discontinued the old Doudouwa and produced a limited edition and a commemorative version of the Doudouwa, attaching the name, poetry and birthday to the Doudouwa, turning it from a plush toy into an investment tool.
Auction site eBay has deliberately opened a special classification for Doudouwa, and a few dollars of Doudouwa has been speculated to tens of thousands of dollars.
When eBay went public in 1998, Doudouwa sales accounted for 10% of the company's total sales.
▲ A couple divides up Doudouwa's assets in the event of divorce. Image courtesy of Reuters/Alamy Stock
Too many people participate with an investment mentality, and the actual market mechanism proves that only a few people can get rich overnight, which is also considered an example of a bubble economy.
The bubble of beanie burst at the turn of the century.
Recently, VOX reported that many former Doudouwa collectors have joined the ranks of creating Doudouwa NFTs.
▲ Image from: VOX
One of the collectors, Arthur Suszko, is even in the process of setting up a company that allows people to buy ownership of physical Beanie in the form of NFTs, but the company will still keep the physical object.
Are there any similarities between Doudouwa and NFTs?
Those who hold up the "Yes" sign argue that both categories of collectors have "unbridled optimism" and are eager to claim ownership of "relatively arbitrary objects", believing their value will rise.
Some people are even running Doudouwa's identity verification service, charging $5 per Doudouwa and selling collectors stickers that indicate the authenticity of the doll.
But many NFT enthusiasts have refuted this view, saying that Doudouwa does not have the community consciousness of NFT, that NFTs are not as high-profile as Doudouwa, and that NFTs have more tangible utility than Doudouwa.
Collecting in consumer culture is generally divided into three stages: acquisition, possession and disposal.
In the current zeitgeist, Doudou is in trouble in the second and third stages, although some of them are still being purchased for more than $1,000.
▲ Princess Beanie released by Princess Diana's former housekeeper. Image courtesy of Getty Images
Arthur Suszko, who straddles both trends, takes a neutral stance, "A combination of my childhood dreams and modern passions".
At the same time, he believes that the moment of the NFT may be fleeting, and does not fully believe that the NFT has a bright future. Having said that, he still entered the NFT with Beanie.
Will the beanie bubble be reborn in the form of an NFT?