Why has card unpacking become the new “social currency” for trendy people?
Nanjing East Road has always been bustling. But this time, what made people line up early during the May Day holiday was not trendy milk tea or limited - edition sneakers, but cards less than 1 millimeter thick.
From trendy toy bloggers to ordinary consumers, from local anime fans to foreign players who don't speak Chinese, all found their own "social currency" on the opening day of Kayou's Shanghai City Flagship Store on May 1st. Here, the three - dimensional cards of Ultraman and the dreamy color schemes of My Little Pony together form a new consumption totem. And the out - of - print Water Margin cards circulating on Xianyu are completing a 30 - year - long emotional relay with the newly released My Little Pony card packs.
When cards are no longer just children's toys but have become a cultural carrier connecting generations and bridging different countries, a market worth tens of billions is breaking through the boundaries of traditional entertainment. This is not only the Z - generation's return to physical social interaction but also an output of Chinese IP to the world.
Nanjing East Road in Shanghai is bustling!
On the first day of the May Day holiday, the Hongyi International Plaza on Nanjing East Road in Shanghai was crowded with people.
Among the crowd were grandfathers in their 80s and teenagers in their teens. Most were trendy young people in cosplay outfits. Some lived in Shanghai, while others came from other cities like Beijing, Shenzhen, and Hong Kong. There were even foreigners. They queued for at least an hour, moving from the second floor of the mall to the escalator corner on the first floor, just to enter Kayou's newly opened city flagship store and personally select their favorite cards and related products.
● The opening scene of Kayou
My Little Pony, Ultraman, Nezha, Conan, Hatsune Miku... In addition to having a relatively complete range of dozens of IP products on sale, as Kayou's first city flagship store, the store also exclusively launched a limited - edition statue of Rainbow Dash & Pinkie Pie in a flower - filled cradle, with only 99 pieces available globally. After the online exposure, people had been looking forward to it for a long time, and many couldn't wait to come and see the delicate details of the physical object.
● The limited - edition statue of Rainbow Dash & Pinkie Pie in a flower - filled cradle (only 99 pieces)
A boy who looked about fifteen or sixteen years old held up the Ultraman card he had just drawn and murmured to himself excitedly but quietly: "I'm a little happy!" At the same time, his eyes began to search for the Nezha display cabinet not far away, hoping to find his favorite new Nezha cards today.
Ms. Li, in her forties, stood in front of the Hatsune Miku shelf and studied for a long time, completely ignoring the crowded people around her. She repeatedly searched for card - opening videos of different card packs on Xiaohongshu. She told Tide: "I was led into this by my 17 - year - old daughter. Unfortunately, she has to take an extra - curricular class today, so I came here to choose by myself. They are all so beautiful. I'm so hesitant. I really don't know which one to buy." Ms. Li and her daughter are relatively "loyal" among card collectors, only loving the dreamy colors and designs of Hatsune Miku cards.
Actually, for people like Ms. Li, those born in the 1980s and 1990s, card collecting is a very familiar entertainment activity. The Three Kingdoms cards, Water Margin cards, and the countless packs of instant noodles they ate to get these cards are all precious and unforgettable childhood memories.
Ms. Li joked: "I didn't expect that after decades, we're still playing with these (cards)." It's just that from the "Xiaohudui Glowing Hero Cards" back then (which are still circulating in the secondary market like Xianyu, and well - preserved ones can be sold for 100 yuan each) to the current "Kayou My Little Pony Lunar Eclipse Packs".
However, in addition to simple collection, today's cards also have more professional definitions in terms of gameplay and social attributes - TCG (Trading Card Game), a strategic game based on collecting and exchanging cards. Players collect cards by buying randomly packed card packs and then build a deck that meets the rules according to their own strategies for battles.
● My Little Pony trading cards
Kayou has successfully held more than 5,100 TCG events in over 100 cities in China. Since the establishment of the "Hero Duel" in 2019, it has been 6 years. It is the largest TCG event organizer in China.
Not far from Nanjing East Road, at the Jing'an Joy City, Kayou's limited - time pop - up event "My Little Pony's Spring Outing" (from April 18th to May 18th) was also held during the same period. Here, you can not only buy the newly launched plush products "My Little Pony Plush Pony Series Plush Keychains", but also participate in the experience session and friendship match of the world's first My Little Pony trading card game on - site.
The foreigner we met at the flagship store was already sitting in the competition area. Due to the language barrier, he recorded the card - placement methods and the coach's teaching process on his phone throughout the whole process. He edited and posted the video of this store visit and learning on his Xiaohongshu account "HeiManTou". He said: "I was on a mission to visit Kayou's new flagship store which just opened that day. For those who've never heard of Kayou, you soon will do as they're expanding globally outside of China. (The purpose of my trip was to visit Kayou's newly opened flagship store. For those who don't know Kayou yet, you'll soon get to know it because they're expanding their business globally and going beyond China.)"
● Screenshot of the video, source: Xiaohongshu @HeiManTou
He also claimed that the battle - teaching video he shot was "an exclusive world video", and he predicted that he would translate it into English and promote it to players around the world.
On Twitter and TikTok, some bloggers located in Southeast Asia have also received tens of thousands of likes for opening Kayou's card packs.
● Screenshot of a Southeast Asian blogger's card - opening video, source: @TikTok
Not only in China, but young people around the world who love Kayou's products are getting to know the latest Chinese culture through cards. Kayou's IP "Kayou Three Kingdoms" has even won the "Top Ten Digital Culture IPs of 2024" title selected by the China International Publishing Group (based on the popularity on foreign self - media platforms).
It can be seen from Kayou's prospectus that "In 2024, Kayou achieved an operating income of 10.057 billion yuan, a year - on - year increase of 277.8%; the adjusted net profit was 4.466 billion yuan, a year - on - year increase of 378.3%." Kayou has not only ignited the high - heat of card consumption but also uncovered a market worth tens of billions.
Following the trend and leading the trend
Walking on Nanjing East Road in Shanghai, you may feel as if you are in Akihabara, Tokyo, Japan. Young people who are passionate about anime gather here.
People's attitude towards COSERs (people who dress up as characters from anime, games, movies, novels, etc. by wearing specific costumes, wearing corresponding props, and imitating the words and deeds of the characters) is no longer the same as in previous years. They no longer think of them as "dressed in strange clothes". Instead, passers - by are either used to it or look at them with admiration. Especially when dining in a restaurant on the B1 floor of a nearby mall, there are likely to be at least 3 COSERs sitting nearby. Among them, there are 30 - year - old office workers who have entered the workplace and 18 - year - old college students still in school.
● Pedestrians in cosplay outfits in the mall on Nanjing East Road
The "2024 Pan - entertainment Industry Market Operation Status and Industry Development Trend Report" states: "As the most prosperous commercial pedestrian street in China, Nanjing East Road has an annual passenger flow of 200 million, of which young customers born after 1990 account for 66%."
Kayou chose this location, and it was a wise choice.
Mia, 22 years old this year, is an anime COSER. While cosplaying Yor, the female protagonist of the Japanese anime "Spy x Family", she accidentally saw the cards and "badges" of the same IP from Kayou. "Later, I couldn't stop. I bought cards while cosplaying." Mia told Tide, "Later, I found that these two circles actually overlap. The COSERs around me also buy cards together, exchange them, and trade with each other."
● The "badges" of "Spy x Family"
Mia has the best luck and taste among her friends. Since she started collecting cards this year, she has earned more money from reselling cards than she spent on buying them. In her own words, "It's a hobby, and I can also make a little money. It's great!"
As of December 31, 2024, Kayou's IP matrix had a total of 70 IPs, of which 69 were licensed IPs and 1 was the original IP of Kayou Three Kingdoms. These IPs cover multiple fields, including anime, games, movies, and literature.
Signing for an IP is a matter that tests one's vision. A Kayou staff member said: "Before getting the IP license, we need to fully estimate its value orientation and market demand. Because unlike electronic virtual products, our physical products require an upfront investment in actual costs and need to be displayed in thousands of stores. We need to consider the impact after they are put on the market."
Take the movie "Nezha" as an example. After nearly 6 years, Kayou still didn't hesitate to sign a licensing agreement with the producer of "Nezha 2" at the beginning of last year. Out of recognition of high - quality domestic IPs, Kayou was determined to make it the next hit. A professional team was deployed to plan and produce card products a year before the movie was released. Sure enough, the final demand far exceeded expectations. Fortunately, Kayou has its own factories for the entire industrial chain, so the quality and speed were not compromised.
