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This study discusses the rising reason of POP MART, respectively, on the marketing strategy and IP analysis. Otherwise, it also makes a potential analysis for POP-MART to discuss the competition between substitutes and the future development of the blind box economy. For the special marketing strategy of POP MART, the Hide Styles of blind box utilize the extremely low probability and high value to seize the psychology of customers. Whatever online or offline marketing, POP MART always gains an excellent turnover. Especially in online marketing, POP MART also develops a community culture of the blind box for the amateur of a blind box. In addition, all kinds of IP combinations of Pop Mart were analyzed. Pop Mart's IP is mainly divided into designer IP and brand cooperation IP. By comparing the annual revenue generated by various IPs from 2019 to 2020, it is concluded that the popularity of blind boxes is cyclical, and Pop Mart must continue to produce IPs to maintain its dominant position in the market. The blind box makes a large revenue for the Pop Mart since these moulds are totally catered to the taste of the youth. Even more, competitors join in this market, Pop Mart is still the first choice of the consumers. However, to continuously develop the company, many projects still need to be added and improved.

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