Labubu: More than just the latest collectible craze?

A life-sized, mint green Labubu figurine just sold for over $150,000 at a recent Beijing auction.

Becoming a cultural phenomenon, Chinese company Pop Mart's furry collector's item has gained massive popularity recently.

Labubu, a quirky and adorable character from "The Monsters" picture book series, was created 10 years ago by Hong Kong-born artist Kasing Lung.

Now, turned into a plush collectible, it has captured the hearts of collectors worldwide.

However, Labubu isn't the first and certainly won't be the last in the collectible craze.

For now, only time will tell if Labubus are, as many might argue, just another commercial fad waiting for the next big thing to come along.