Laying out a matrix of over 1,000 IPs, the trendy toy brand "MOMOTOY" aims to achieve revenue of tens of billions with "emotion + AI" | Early-stage project

Author | Li Xiaoxia

As trendy collectibles have evolved from a niche hobby to a mass - consumption sector with an annual scale exceeding 100 billion yuan, new players have been constantly emerging in the market. Especially in the past year or so, the explosive growth of Pop Mart's performance has shaken the industry and attracted numerous brands to enter the fray.

The billion - level trendy collectibles market may seem bustling, but beneath the prosperity, concerns are emerging: similar appearances, shallow storylines, and unoriginal static experiences have made IP homogenization the biggest obstacle for new brands to break through.

The brand "MOMOTOY" that 36Kr has come into contact with has a strategy to break the deadlock. It combines "cute appearance + intelligent interaction + scarce collectibles" and takes emotions as the anchor point for IP creation, turning trendy collectibles from cold ornaments into carriers of emotional companionship.

Founded in 2025, "MOMOTOY" is a brand incubated by the Sky Workshop Venture Capital Fund. Recently, its debut core IP, "Dundun Beast", is designed around the concept of healing and companionship: in the "Fluffy Valley" at the junction of reality and dreams, these chubby little creatures are not "manufactured" but "found".

This setting of "summoned companionship" precisely hits the young people's need for security. For example, PUFFBAA in the Dundun Beast family is set as a night - watch elf in the dream marshmallow factory, and GLOMP is a happy energy beast from the Emotion Planet.

Image source: The company

Beyond healing, MOMOTOY's IP matrix covers a wider range of emotional and attitudinal expressions, further expanding the boundaries of differentiation. The "Fruit Core Universe" series targets the young people's individual needs with "dark and avant - garde emotional elves". Originating from the "Sweet Core Galaxy" composed of fruits, four fruit spirits with distinct personalities arrive on Earth due to an "emotional energy explosion". They can sense human stress and anxiety and capture people's longing for happiness, and finally decide to stay as emotional elves connecting human emotions.

To continuously strengthen the vitality of its IPs, MOMOTOY adopts a dual - engine strategy of "self - owned + signed". Its design team is mainly composed of post - 95s and post - 00s, with many members from top institutions such as the Academy of Arts & Design, Tsinghua University and Central Saint Martins. In the future, the brand also plans to sign global emerging artists, collaborate with anime and film IPs, and co - create with professional institutions such as museums to further expand the boundaries of its IP matrix.

If "emotional IP" is the foundation for MOMOTOY to attract users, then AI technology empowerment is the key differentiator from traditional trendy collectibles, enabling trendy collectibles to transform from mere ornaments to "interactive and responsive" companions, realizing dynamic companionship.

In MOMOTOY's AI - companion product series, "two - way multi - modal interaction" is the core function. Users can not only have smooth voice conversations with the dolls but also see LED eye responses and dynamic facial expressions, making communication more than just "hearing voices". In addition, the emotion recognition algorithm can detect anxiety or depression in the user's tone, and the doll will actively offer comfort and positive guidance.

To make the interaction more personalized, MOMOTOY has added in - depth customization features. It supports voice cloning, allowing users to make the doll respond with the voices of family members or friends. For example, users can record the voices of their parents from afar and make the doll a carrier of long - distance companionship. Users can also customize the character's personality and knowledge background in - depth, such as setting the doll as a "cosplay - loving best friend" or a "football - savvy buddy", creating a unique "exclusive intelligent agent" by themselves. The long - term cloud evolution function allows the doll to "grow continuously".

On the product side, the brand enhances the collectible value through "scarcity" by launching 999 - pure gold hidden editions, such as the gold hidden edition of "Dundun Beast" and the bamboo - hugging edition of "Fluffy Forest Chronicles" (with bamboo joints made of gold). This not only meets the needs of senior collectors but also drives secondary dissemination through "photo - sharing".

On the channel side, MOMOTOY has built an all - encompassing "online + offline" network. Online, it covers Tmall flagship stores, WeChat mini - programs, Douyin official stores, and the exclusive MOMO APP to reach users accustomed to online shopping. Offline, it plans to open more than 500 stores in 120 countries around the world, including flagship stores, pop - up stores, and unmanned robot stores, allowing users to experience the products up close.

Different from early trendy collectible brands that focused on the domestic market, MOMOTOY has aimed for "globalization" since its inception, with a focus on potential markets such as North America and Southeast Asia. At the same time, it adapts to different regional cultures and consumption habits through a trinity model of "healing economy + companionship economy + art economy".

According to the brand's founder, to support this layout, MOMOTOY has established a mature supply - chain system. Multiple PVC production lines and flexible production capacity can meet large - scale order requirements, and end - to - end digital management can optimize costs and ensure quick responses.

On the marketing side, endorsements from celebrities such as Lu Yuxiao have helped the products break into the mainstream. Future plans to collaborate with top IPs like Disney and Marvel, as well as global celebrities, are expected to further boost the brand's popularity.

According to the plan, MOMOTOY aims to create over 1000 IPs and achieve revenues of 10 billion yuan by 2026.