"When the GameFi boom peaks, the real value lies in the collectible experience that connects the virtual and physical worlds.

From late May to September, Capybobo has surpassed 2 million users in less than 5 months, with a DAU of over 460,000, achieving a total of $2.5 million in in-game purchase revenue, and an ARPPU of $94. Compared to other GameFi projects in the TON ecosystem during the same period, this performance is outstanding.

The project initially started with a traditional GameFi model, where players obtained game skins with trendy toy attributes through a lottery. These skins not only have decorative value but also provide bonuses for the upcoming $CAPY airdrop. Based on this, the team is transitioning the project from a purely gaming experience to a "digital + physical" collectible ecosystem.

Market validation for this transformation has already emerged. At Tokyo WebX on August 25-26, 2025, the offline debut of PYBOBO outfits saw long lines for the co-branded outfits, demonstrating market demand for this new type of collectible model. With the active trading of TON ecosystem NFTs and the upcoming release of outfit NFT blind boxes, Capybobo is expected to become a bridge connecting the traditional trendy toy market with Web3.

Current Status and Opportunities in the TON Collectible Market

When we review the recent developments in the TON ecosystem, we notice a noteworthy phenomenon: the collectible sector is showing strong growth momentum.

In July 2025, Snoop Dogg's Telegram Gifts sold out in 30 minutes, with nearly 996,000 NFTs generating $12 million in sales. Earlier, the floor price for Plush Pepe NFTs reached 5,000 TON (approximately $15,000), with one variant selling for 25,000 TON. According to media reports, even the founder of Moonbirds acquired Plush Pepe #2641 for $22,000, likening it to the "CryptoPunks of TON NFTs."

These cases demonstrate the genuine demand among TON ecosystem users for high-value collectibles. Although there are various collectible options in the market, projects that truly possess scarcity and brand value remain limited, leading to a clear supply-demand imbalance between high-value collectibles and Telegram's vast user base.

Notably, there have been real-world value exchange cases for NFT transactions on TON. Recently, TON influencer Lucha and Portals market co-founder Roxman completed a special transaction: 18 rare Telegram digital gifts were exchanged for a Porsche 911 GT3 worth over $350,000. This "digital asset → real value" conversion path provides new imaginative space for the practicality of collectibles.

A car covered in Telegram Gifts

According to Dune data, the total market value of Telegram Gifts has reached approximately $160 million, with daily trading volume peaking at $9 million. This growth trajectory indicates that the collectible market in the TON ecosystem is transitioning from an experimental phase to a mature business model.

"We want to bring trendy toys into the crypto space": From the Lisa Effect to the WebX2025 Event

The traditional trendy toy market is experiencing rapid growth. The Labubu phenomenon provides the most intuitive case: by the end of 2024, the social media sales effect of BlackPink member Lisa led to Labubu selling out globally, with hidden variants commanding premiums of dozens of times. The customized economy around Labubu's outfits subsequently exploded, with dressing trendy toys in various outfits becoming a global phenomenon from Instagram to Xiaohongshu.

Lisa and Rihanna wearing Labubu

DIY outfit enthusiasts and collectible displays

Industry data shows that overseas trendy toy players have a repurchase rate 37% higher than domestic players. More importantly, high-end brands are also participating in this trend: the collaboration between Pop Mart and PRONOUNCE debuted at the 2024 Milan Fashion Week, with LABUBU wearing customized outfits, officially bringing trendy toys into the high-end fashion realm.

Meanwhile, the Web3 space is also conducting similar experiments. A trading platform gifted Labubu dressed in brand outfits at an event, mirroring Capybobo's approach at WebX2025, indicating the industry's emphasis and follow-up on this model. These parallel explorations suggest that the "digital IP + physical collectibles" model is gaining recognition across different fields.

Labubu dressed in Capybobo and MEXC outfits

Capybobo's Investment Logic: Analysis of Three Key Elements

Unlike most TON projects that primarily rely on airdrop expectations, Capybobo has achieved real commercial revenue through its GameFi model. This provides a user base and financial support for its transition to collectible IP.

From an investment perspective, Capybobo possesses three key elements:

First is the channel and product-market fit. The project has achieved user acquisition, retention, and a commercial closed loop through the Telegram ecosystem. As of September 2024, a user base of 2 million and an ARPPU of $94 (according to the company's backend) demonstrate strong product-market fit, laying the foundation for subsequent IP transformation.

Second is the balance between cash flow and tokenization. Unlike purely airdrop-driven projects, Capybobo has achieved $2.5 million in real IAP revenue. According to the white paper, the project will establish a long-term incentive mechanism based on the rarity of collectibles, transitioning from the traditional "TGE ends" model to sustainable trendy toy IP operations.

Third is the sustainability of narrative supply. PYBOBO Outfit NFTs (outfit NFTs) as the core product have the capability for continuous new product releases and the ability to fulfill digital-physical delivery. The successful validation at WebX2025 demonstrates the feasibility of transitioning from concept to physical product.

Digital-Physical Integration + Airdrop Incentives: Capybobo's Multiple Value Model

Capybobo is creating a new generation of Web3 native trendy art toy IP, integrating gaming, collectibles, and real-world design. The project's business model is built on the value chain of "game skins → outfit NFTs → physical redemption." The skins obtained by players in the game inherently possess trendy toy attributes, while the upcoming PYBOBO Outfit NFT blind boxes can not only be traded in secondary markets within and outside the TON ecosystem but can also be directly redeemed for 12cm vinyl trendy toy outfits.

In addition to the physical redemption function, PYBOBO Outfit NFT holders will also receive exclusive airdrop rights within the Capybobo ecosystem. According to the white paper, rarity will affect airdrop weight, with common variants providing basic weight, while rare hidden variants can offer airdrop bonuses of up to dozens of times. This dual mechanism of "digital-physical integration + airdrop incentives" endows collectibles with investment value that transcends traditional trendy toys.

The white paper outlines that the project's long-term goal is to build a complete trendy toy ecosystem. In addition to online NFTs and redemption services, Capybobo plans to open flagship physical stores in major cities worldwide, selling limited edition outfits, exclusive blind box series, and peripheral collectibles. These offline spaces will become gathering places for trendy toy enthusiasts and also serve as centers for the display and trading of digital and physical collectibles.

The project token is not only used for airdrop distribution but also constructs a complete ecological economic system. Tokens can be used for in-game item and skin purchases, participation in DAO governance decisions, and priority purchasing rights for future trendy toy products. Long-term holders will also enjoy the ecosystem's long-term incentive mechanism, achieving diversified value sharing from game revenue to IP licensing.

Capybobo's core innovation lies in integrating virtual gaming experiences, physical trendy toy collections, NFT digital assets, and token airdrop rights into one. This multi-dimensional value accumulation model provides users with a complete experience loop from digital entertainment to physical collectibles.

Investment Risk Considerations: Three Constraints to Watch

Execution Risks and Supply Chain Challenges

While the exchange model from digital NFTs to physical outfits is innovative, it also faces complexities in supply chain management. The execution capabilities in large-scale production, quality control, and global logistics will directly impact user experience and brand reputation. Although the concept validation at WebX2025 demonstrated feasibility, uncertainties remain in transitioning from small-scale trials to bulk delivery.

Compliance Boundaries and IP Licensing

The project's commercialization of trendy toy IP requires careful handling of intellectual property boundaries. Especially in collaborations with well-known brands, formal authorization must be established to avoid potential legal disputes. Additionally, compliance requirements related to trade regulations and consumer protection in cross-border e-commerce also need continuous attention.

Uncertainty in Ecological Evolution

While the TON ecosystem provides Capybobo with unique distribution advantages, the ecosystem itself is still rapidly evolving. The project needs to adapt to the iterative functions of the Telegram platform, upgrades in TON network technology, and the evolution of the entire ecological business model. This uncertainty, while presenting opportunities for first-mover advantages, also requires the project to possess sufficient adaptability and technological iteration capabilities.

Conclusion

The TON ecosystem is evolving from GameFi to a diversified collectible economy. In this process, projects with the ability to integrate digital and physical elements may gain scarcity premiums.

With a validated user base and differentiated positioning, Capybobo is establishing a first-mover advantage in a niche market. The project's outfit NFT + physical redemption model is unique within the TON ecosystem, and the on-site validation at WebX2025 also demonstrates the feasibility of the concept.

Of course, risks related to supply chain execution, compliance boundaries, and ecological evolution need to be continuously monitored. However, considering the growth potential of the TON collectible market and the early stage of the integration between the traditional trendy toy industry and Web3, Capybobo's model innovation remains worthy of attention.

In a super application ecosystem with a billion users, the collectible experience that connects the virtual and physical worlds may hold more lasting value than pure digital assets."

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。