You all remember that wide-mouthed, somewhat creepy, but oh so famous elf statuette. It took Asia by storm, stoked by blind boxes, influencer-backed marketing, and the global economy’s most dangerous motivator: the fear of missing out. In the meantime, fortunes were made as Pop Mart’s stock soared. For a little while there, it seemed like you couldn’t not own one. Yet, as with all bubbles, it too had to start somewhat deflating. That Labubu craze has come and gone lately. This change, though surprising, provides an important takeaway for the rapidly emerging NFT artist community in Southeast Asia. Are they paying attention? I hope so.

Hype Cycles: A Universal Language?

The similarities between Labubu’s maniacal rise and devastating fall and the journey of the NFT market as a whole are too striking to gloss over. What we experienced was a wave of ecstatic delirium. More real money rushed in, all driven by a deep dependence on social media buzz. Think about it: users proudly displaying their Labubu collections on Xiaohongshu, mirroring the endless streams of NFT avatars on Twitter. That first-generation mint-colored Labubu fetching over a million yuan at auction? It echoes the exorbitant prices paid for pixelated JPEGs just a short while ago. The author makes an apt comparison in the piece. But here's where the unexpected connection comes in: while the West often views NFTs through a lens of technological innovation and financial speculation, the reality for Southeast Asian artists is often much more grounded, much more personal.

This past week, I had the privilege of talking with three of the region’s most brilliant emerging artists. Anya, originally from Indonesia Ben, originally from the Philippines Mai, originally from Vietnam. All three had, at some point, tried to mint their art as NFTs. Anya, a digital illustrator, told me, "I saw it as a way to finally get paid what my art is worth. In Indonesia, it’s extremely difficult to earn a sustainable living as an artist. Everyone wants things for free." Ben, a painter struggling to find gallery representation, echoed this sentiment: "NFTs felt like a way to bypass the gatekeepers. To connect directly with collectors." Mai, a traditional weaver from an impoverished rural village. She views NFTs as an incredible opportunity to not only protect her cultural heritage, but share it with the world.

Their stories highlight a critical difference. For most of Southeast Asian artists, it wasn’t a get-rich-quick scheme either. They were centered on survival, on receiving the recognition they have always been due, and about protecting their cultural identities. The bottom line while the motive in making of many decisions was financial often the profit motive was there. Less immediate survival issues influenced the logic behind their decision-making.

Are We Building Castles on Sand?

Here's the anxiety creeping in. With the NFT market correction meteoric, many artists are leaving the scene disillusioned and financially exposed. The “get-rich-quick” dream has long since dissipated, replaced by the ugly truth of a high-risk, low-margin, volatile, and frequently unforgiving market. This is where the Labubu analogy gets really scary. As the novelty for these Pop Mart IPs wore off, so did the value of many collector’s hard-earned assets. Likewise, the NFT bubble has burst, leaving countless Southeast Asian artists scrambling to recoup their losses.

I’m not here to share doom and gloom. This is not about arguing that NFTs are bad. We understand that artists in Southeast Asia are dealing with particular challenges. Our hope is to create a better, more sustainable, and more equitable small business ecosystem for them. Until now, the current Web3 efforts have been misdirected at best. Their short-term priorities usually skew towards the technical and/or the art of financial speculation. This Western-centric approach undermines the distinct practices and cultural contexts of Southeast Asian artists.

So, what can we do? How can we ensure that the promise of Web3 doesn't become another fleeting hype cycle that leaves Southeast Asian artists behind? Creative community We can’t let the future of creative community development crumble under the weight of the next speculative bubble. We need to build bridges, not bubbles.

  • Lack of Education: Many artists lack the knowledge and resources to navigate the complexities of the NFT market.
  • Limited Access to Funding: Funding opportunities are scarce, especially for artists from marginalized communities.
  • Cultural Barriers: Western-dominated narratives often fail to resonate with the cultural values and artistic traditions of Southeast Asia.

A Call To Action: Building Bridges, Not Bubbles.

Now picture a future where traditional artisans such as Mai are able to capitalize on NFTs. Through digital archiving, producers can maintain their cultural legacy and share it with an international audience, making their artistry a viable form of income and inspiration. Now picture a world where talented digital illustrators—artists such as Anya—can get their due. In this new reality, they won’t have to rely on predatory commissions. Imagine a world where painters like Ben can bypass the gatekeepers and connect directly with collectors who appreciate their art, not just for its monetary value, but for its artistic merit.

This is the promise of Web3. Now, we need to build a sustainable future for the success of Southeast Asian artists. Only then can we meet our aspirations to boost them past their initial fad. Let’s take Labubu’s dying calls to action as a lesson that we can create a much more equitable and sustainable world. This is more than just about art; it's about empowering communities and preserving cultural identities in a rapidly changing world. Don't let this opportunity slip away.

  • Localized Educational Programs: Create educational programs tailored to the specific needs of Southeast Asian artists, focusing on topics like intellectual property, marketing, and community building.
  • Micro-Grant Programs: Establish micro-grant programs that provide seed funding for artists to experiment with NFTs and develop their projects.
  • Mentorship Opportunities: Connect experienced Web3 professionals with emerging artists in Southeast Asia to provide guidance and support.
  • Promote Cultural Exchange: Facilitate collaborations between artists from different regions to foster cross-cultural understanding and innovation.

Imagine a world where traditional weavers like Mai can use NFTs to preserve their cultural heritage and connect with a global audience, not as a fleeting trend, but as a sustainable source of income and recognition. Imagine a world where digital illustrators like Anya can finally get fairly compensated for their work, without having to rely on exploitative commissions. Imagine a world where painters like Ben can bypass the gatekeepers and connect directly with collectors who appreciate their art, not just for its monetary value, but for its artistic merit.

This is the promise of Web3. But it's a promise that can only be realized if we are willing to invest in the long-term success of Southeast Asian artists, not just their short-term hype. Let's learn from the fading echoes of Labubu and build a more equitable and sustainable future for all. This is more than just about art; it's about empowering communities and preserving cultural identities in a rapidly changing world. Don't let this opportunity slip away.