Labubu lunacy: A deep dive into the latest collectible plush toy craze

NEW YORK -- In the 1980s there was the Cabbage Patch craze and then in the '90s it was all about Beanie Babies -- now the latest toy craze is all about Labubu.

The little monster doll with a toothy grin -- specifically marketed for adults -- has taken the world by storm.

Created by Hong Kong-born Belgian artist Kasing Lung as part of the picture-book series "The Monsters," Labubu is based on figures from Nordic mythology. In 2019, the "monsters" were transformed by Chinese designer toy company Pop Mart into a collectible that eventually unlocked a global mania.

For some young adults, they are even the latest fashion trend. One recently sold online for six figures when they retail for only about $30.

The toys are so in demand that fake ones are now being sold all over New York City's Canal Street. Some have even dubbed the fakes as "Lafufus."

"A lot of these Lafufus are made with you know not quality materials and they're not made very well," said Samantha Connell, associate editor of The Toy Insider. "Just whatever they can do to get their hands on this hot item, even if it's not necessarily the licensed and manufactured hot item."

These toy monsters have now become a billion-dollar business, driven in part by celebrities posing with their own.

K-pop group BLACKPINK member Lisa explained her Labubu obsession in a Vanity Fair interview in November, becoming one of the first celebrities to showcase the doll in the United States.

Since then, many celebrities have publicly engaged with Labubu. Brad Pitt and his fellow "F1" castmates opened Labubu blind boxes during a Warner Bros. interview. Sarah Jessica Parker learned about it during a "Call Her Daddy" episode. Cher was seen draping one off her handbag at the Tribeca Film Festival in June.

Stars such as Emma Roberts, Tom Brady and Lizzo have also shown their love for the doll on social media.

A Labubu can go for hundreds or even thousands on the resale market. And the scarcity is driving many to the copycats.

"This one kind of looks more real than a more fake one and I only paid $15 for it," said Noelle Dorman who was shopping for a Labubu on Friday.

Toy experts say don't expect the trend to die anytime soon.

"People are always looking for a way to add some fun and whimsy into their life, and this is the perfect way to do so," Connell said.

(Some reporting from "Good Morning America.")