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In the game Counter-strike, players can unlock a variety of weapon decorations – also known as skins – by purchasing lootboxes. Some of them can be worth just a few cents, while other extremely rare ones can go for hundreds of thousands of dollars.
In the past, I tried opening some skins for fun. However, I quickly stopped myself each time, realizing how addictive it could be – especially whenever I hit a nicer skin.
That’s why when the recent blind box hype came about, I knew it wasn’t for me. While I found the figurines cute, I knew I’d probably get a little too obsessed trying to find the exact one that I wanted.
Collectibles – like the ones in blind boxes – have become a big thing in the last few years as purchasing products like toys, comics, and trading cards is no longer just a kid’s thing. Now, there’s enough interest to drive some serious money into the scene. Our story for today examines how some of the players are doing.
Today we look at:
- The state of collectibles in SEA
- Sea Group’s impressive 2024 financial figures
- Other newsy highlights such as Xiaomi India’s new chief business officer and Aye Finance’s recent debt funding worth US$12.8 million.
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Gotta catch ‘em all
Image credit: Timmy Loen
I loved collecting trading cards such as Duel Masters when I was younger. They’re more of a fond memory for me these days, but I understand why people still love them. It’s no surprise that there are now several marketplaces facilitating the buying and selling of these goods – enough to support a US$6 billion market.
- Catching investors’ eyes: Last year, several collectible-focused companies raised funds from investors. Some of them were Collektr, Toki.ph, and Might Jaxx.
- A piece of the pie: Southeast Asia has emerged as a big market for certain toy companies. For instance, it’s the largest overseas market for Pop Mart, accounting for 40% of the Chinese firm’s international sales.
- Cost of business: Building a community around collectible transactions can be costly. In Toki’s first year of operations, it earned US$21,000 in revenue but lost US$576,000. Another platform, Whatnot, remains unprofitable in the US.
Read more: From Pokemon to Labubu, collectibles draw VCs to bet on SEA firms
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