With the booming development of ACG (Anime, Comic, and Game) culture, various types of related merchandise, commonly known as "valleys," have become an economic phenomenon that cannot be ignored. The term "valley" stems from the transliteration of "Goods," meaning merchandise related to ACG. Such merchandise is typically categorized into three tiers based on their value: the common "Plain Valley," the more valuable "Lake View Valley," and the expensive "Sea View Valley." The name "Sea View Valley" indicates a price so high it compares with luxurious seaview apartments. Take for example a limited-edition badge with a diameter of 75mm and a weight of 20g; it could be priced at 72,000 yuan, which translates to a cost of 3,600 yuan per gram, more than six times the current price of gold.

The "valley economy" driven by the ACG industry is rapidly expanding into the three-dimensional world. Its rise not only injects vitality into many traditional shopping centers on the verge of decline but also breaks through the current depressed consumption cycle. A shop owner who sells valley merchandise proudly stated that the customer flow of the entire shopping center is now mostly concentrated in his valley store after filming the never-ending stream of customers. The capital market is highly sensitive to this trend and has accelerated the development of valley shops, almost as an unspoken consensus in the industry to "mine the ACG gold mine." For a long time, as a representation of subculture, valley shops often lurked on the margins of the mainstream commercial market. Now, the situation has changed: they are moving from basements to more visible floors, altering the entire layout of shopping centers.

In an auction that left outsiders dumbfounded, a "small iron piece," a mere 75mm in diameter and also known as a popular ACG badge, was successfully auctioned off for 72,000 yuan. While its value far exceeds that of an ordinary piece of iron, this transaction is indeed hard to understand for those who are not in the know. Participants interested in the auction had to pay a 300 yuan deposit and raise their bids by at least 100 yuan each time. Just three days before the sale, the badge's bid was only 5,900 yuan, but within an hour on the night of the sale, the price soared from 33,000 yuan to 72,000 yuan.

Ten years after the ACG series "Haikyuu!!" aired, related "valley" merchandise has formed a unique collection culture. For example, merchandise related to the popular character Yu Nishinoya is highly sought after. A young collector, after firmly declaring that she had an unlimited budget for collecting related merchandise, successfully became one of the owners of the limited-edition badge, of which only five exist worldwide. For her, it's not just about collecting; it's an embodiment of her passion and pursuit of ACG culture.

In modern society, a unique phenomenon gradually becomes the topic of discussion—"valley culture." This is an expression of ACG culture, encompassing the collection and trading of character-related and anime peripheral goods. These items, referred to as "valleys," have unique value judgment standards, often closely linked to limited production and cultural attributes.

For many enthusiasts, collecting specific valley items has become a way to show personal worth or even a life creed. As demonstrated by high transaction prices at an auction earlier this year, these seemingly unremarkable trinkets hold an extremely prominent status within the valley community. It's joked that a small piece of iron can be more expensive than the family heirlooms, and this is not just a pastime but a quietly rising economic phenomenon.

In this phenomenon, people's craze for limited edition collectibles is particularly noticeable. A survey revealed that, among 36,000 respondents, nearly 13,000 said they were willing to purchase expensive limited collectibles to support their favorite characters. The blogger who initiated the poll also spent 26,000 yuan on a mahjong set themed on the anime "Haikyuu!!".

The market highly pursues collectibles that are limited edition, feature special craftsmanship, or are associated with specific events. For instance, a collectible known as "jw flash pop" gained popularity due to its unique processing technique and limited release. This has greatly fueled economic activities in the collectibles community, even causing many to worry about the sharp fluctuations in the value of collectibles.

Interestingly, the trading methods within the collectibles circle have evolved to the point where collectibles are bundled with real estate sales. This phenomenon, known as "bundled housing," indicates that popular character collectibles are sometimes used to promote the sale of other products. Not only are everyday items involved, but real estate also becomes part of transactions tied to collectibles.

The popularity of these collectibles has reached such heights that queues form in shopping malls just to purchase them. This is not just a widespread dissemination of the ACG (Anime, Comic, and Games) culture but also a direct reflection of the dynamic growth of the collectible economy.

Entering the second basement level of Joy City in Beijing's Wangfujing, you are greeted by the strong presence of ACG culture, clearly not a city once labeled as an "ACG desert." Walking along a passageway filled with various ACG products, you will see famous ACG stores like Bugu Society, Gan Le House, and Dimensional Cat gathered, coexisting with traditional gold and jewelry stores to create a unique landscape where ACG and non-ACG worlds blend.

The situation at Joy City in Beijing's Chaoyang district also confirms the prosperity of ACG culture. A small-scale ACG swap meet was held in the basement atrium over the May Day holidays to welcome the opening of a new chain ACG store at the end of May. Additionally, the floor above had just hosted a pop-up store collaboration between chiikawa and Miniso, which attracted crowds of customers when it opened.

The backdrop to these phenomena is the rapid growth of ACG users. According to the "China ACG Content Industry White Paper," the ACG user base reached 490 million in 2023, with core users numbering 120 million. It is the demand from these users that has given rise to more and more ACG stores.

Among those with a profound understanding of this is Zhong Shu, born in 1996, who has been immersed in ACG culture since high school. During the May Day period, he experienced an unparalleled ACG atmosphere in Ningbo's malls, with some stores even hastening their opening schedules. In just under two years, Zhong Shu recalls, Ningbo's major malls added about 20 ACG stores, and some previously quiet clothing areas have been transformed into entire floors dedicated to ACG. Most surprisingly, even a flower shop has created a special section for ACG merchandise.

Shanghai shares similarities with Ningbo. Shanghai Bailian ZX Creative Park on Nanjing East Road, the nation's first ACG-themed commercial center, has become an "Akihabara of China" since its opening last year. According to public data, as of December 31, 2023, it has achieved sales of 300 million yuan, attracted 9.5 million customers, and reached 200,000 members.

The successful transformation of this business model has also occurred in Wuhan. "Trendy Box•Wuhan X118" on Jianghan Road Pedestrian Street has become the first second-dimensional (2D) themed commercial mall in central China, with an average revenue increase of 32% after renovation.

Many people are surprised by this, including srt who visited the place in person. She recalled that it was once an old building rarely frequented by people, but with the sweep of the second-dimensional trend, it has become lively, as if the second-dimensional culture saved Jianghan Road X118.

Nationwide, more and more places are being revitalized by second-dimensional culture, such as Tianfu Red in Chengdu. Shopping malls are also combining with second-dimensional culture one after another, like Shenyang Zhongjie Wuyue Plaza, Xi'an Xiaozhai Yintai, Fuzhou Baolong Plaza, and Nanjing Shuiyou City, etc. Most importantly, second-dimensional enthusiasts usually gather for love, bringing the much-desired foot traffic to the current offline commercial entities.

In an era of prevalent online shopping and food delivery services, second-dimensional enthusiasts still go to great lengths, traveling for hours or even across cities, just to purchase desired goods at offline malls. Naturally, the arrival of customers also means an increase in sales. For example, during the May Day period, a newly opened trendy toy store saw its shelves emptied by the enthusiastic support of second-dimensional fans, to the point where even the store owner was surprised by the fervor. Interestingly, this store owner used to sell building materials and had almost no understanding of second-dimensional culture.

The second-dimensional economy has formed a long industry chain. After the transaction and exchange are complete, it does not mean that everything ends there, but evolves into a series of ritualistic collecting and displaying behaviors. For instance, an enthusiast installed three display cabinets measuring 190 cm long and 173 cm high for her cherished goods. In these cabinets, the model of “Hinata Shoyo” from "Haikyu!!" she purchased for 72,000 yuan is carefully displayed, with each model's placement full of colors and designs representing the character's personality.

For second-dimensional enthusiasts, "powered by love" is their true portrayal. A fan born in 1996, sumi, in order to collect beloved goods, even flew to Japan and purchased real estate in Beijing to store her collection. During her university years, she would fly to Japan nearly every month for "commando-style" shopping. Her studio apartment in the southeast sixth ring of Beijing has now become a warehouse for most of her collections.

Thanks to social media and video uploaders (UPs), the second-dimensional economy is also spreading rapidly. For instance, whenever the birthday of a popular second-dimensional character rolls around, fans hold an annual grand "merchandise-showing" event, akin to the fan circle celebrating a celebrity's birthday. In 2022, a Bilibili UP celebrated the birthday of Ibara Saegusa from the mobile game “Ensemble Stars” by displaying 11,020 rare collectibles, creating an unprecedented display spectacle. This represents not only a deep love for the character but also a symbol of wealth flaunting. Collections worth millions filled a 60 square meter room, an amazing sight leading to the joke nickname "Nagoya." When second-dimensional fans watch related videos, they too send their blessings and even jest, "Congratulations on my fave marrying into a wealthy family."

The collectibles of the character Shuo Jian Ling even held a certain stable value during special periods. People used Shuo Jian Ling's merchandise to metaphorically say: "In February 2022, they could be exchanged for Bing Dwen Dwen, and in December they could be exchanged for Lianhua Qingwen capsules."

With the development of the era, 'Gu Zi' has become a new means of finance for the younger generation. For example, Tiantian, who was born in 2005, has a special fondness for the character Kozume Kenma in "Haikyuu!!" The reason she adores this character is because of the calm, wisdom, and excellent decision-making abilities that she greatly admires. Therefore, Tiantian started her collectible character card journey.

Tiantian regards collecting 'Gu Zi' as a form of investment, and her passion led her to purchase treasures at high prices. When prices on the secondary market hit new highs, she did not hesitate to prepare for trading. She believes: "Even if the second-hand recovery price of luxury handbags is just halved, the second-hand price of a 'Gu Zi' can double." For instance, when a friend decided to quit and happened to be selling the 'Gu Zi' that Tiantian wanted, a limited edition with only 40 pieces worldwide. Tiantian then purchased this treasure for 20,000 yuan. "Even 20,000 yuan would be a friendly price; if it were auctioned, the price would only be higher," Tiantian said. She also believes that although the turnover prices of other less popular characters have exceeded 10,000 yuan, the 20,000 yuan sale price for her beloved popular characters is actually not expensive. More importantly, she is confident that if she exits and sells these collections, she will surely gain a handsome return.

However, whether the 'Gu Zi economy' can maintain its popularity for a long time has become a focus of attention. For those who invest in 'Gu Zi,' even if their price is driven by limited editions and stories, their intrinsic value cannot be detached from cost. For a 'Gu ZI,' although its auction price may far exceed the cost, in reality, the material and manufacturing costs are almost negligible. Even Tiantian admits that unlike the actual value of luxury handbags, which at least have craftsmanship and rare leather appreciation, the value of a 'Gu Zi' relies more on people's consensus.

Similarly to 'Gu Zi,' Bitcoin, despite having no physical form, still possesses high value. As of May this year, the price of Bitcoin is about 60,000 US dollars each. It is recognized because Satoshi Nakamoto built a beautiful vision of a decentralized future, which successfully attracted the world's longing for the future.

In late March of this year, Miniso teamed up with the 'rising top stream' Chiikawa to open a themed pop-up store in Joy City, Jing'an, Shanghai, and achieved sales of 2.68 million yuan in just 10 hours, attracting the attention and sighs of many passers-by: "The money in the two-dimensional world is indeed easy to earn." In some people's eyes, 'Gu Zi' has become a unit of currency, and the 'Gu Zi' factory seems to have become a mint.

However, with more capital involvement, the 'Gu Zi' community is increasingly difficult to control. Online, ‘Gu Zi’ fans show off their prized collectibles, live rooms are rife with unpacking and selling ‘Gu Zi,’ transactions of rare and limited 'Gu Zi' at high prices on second-hand platforms are constant, and controversies over 'Gu Zi' on social media are endless. The order of the whole 'Gu Zi' community gradually becomes chaotic. When domestic manufacturers accelerate the production and iteration of their products to cater to this trend, inevitable issues arise, such as quality problems and counterfeiting incidents, and the beautiful world of 'two-dimensions' seems to have to bow to the reality of efficiency and money.

Under the strong impetus of anime and gaming culture, the "two-dimensional economy" is thriving. Not only has it triggered rapid consumer behavior, such as impulse shopping during live streams, but it has also become a hot topic of discussion concerning the issue of providing refund options for teenagers on e-commerce platforms. At the same time, due to the characteristics of the two-dimensional realm, a series of controversial incidents such as "Mami," "Against-the-Light Photos," "Nude Parcels," "Running Fee," and "Hanging People" often become the focus of social media discussions.

Despite the controversies and driven desires, the capital market and economic outlook still exhibit a strong development trend. Shopping centers, anime stores, and consumers together contribute to the prosperous landscape of this so-called "grain economy". According to statistics, more than twenty major cities in the country are committed to creating landmark buildings marked by two-dimensional consumption in their core business districts.

The number of anime stores in shopping malls has been increasing rapidly like bamboo shoots after rain, but their quality is mixed. Some observers have found that although the speed of new store openings is astounding, professional shops operated by true two-dimensional enthusiasts are hard to become the mainstream. The grain market has gone from transnational purchasing to the rise of domestic genuine products, experiencing a process from scarcity to oversaturation.

In such a phenomenal economic tide, professional two-dimensional teams like Gu Yan Society still face operational challenges and future uncertainties. Issues with liquidity and management have become the main difficulties these stores need to confront. Long-term reservation periods mean that capital may be tied up for extended times, and theft prevention has also become a challenge.

Beyond that, competition has also led to a rapid increase in the number of anime stores in the same area, with accompanying price wars. Stores need to maintain sufficient sales volumes to continue operations, which is particularly important in the face of rising costs, such that even in snowy weather that blocks roads, stores must remain open.

The two-dimensional culture brings not only commercial value but also spiritual and emotional sustenance. However, people always grow up, and the once-loved two-dimensional world will eventually face the real world's challenges. Outsiders looking at the fluctuation of anime product prices might view them as ephemeral bubbles, but the pursuers know that without the zest and pursuit, even once priceless anime merchandise is nothing more than an ordinary piece of metal.

In the current younger generation, an obsession with anime culture has become a common phenomenon. They chase after limited edition anime models, hoping to collect these character representations that embody their ideals, wishing to resonate with them. However, such pursuits are often uncontrollable; once started, they can become an endless craving, difficult to pull away from.

Purchasing anime merchandise has turned into an irresistible act, for instance, a consumer willingly spent 72,000 yuan to buy a limited edition SRT anime model, and plans to continue collecting Xi Gu Ye Lucky Bag round models. For such fans, seeing beloved products results in immediate purchases, without even setting a budget limit.

Nevertheless, some choose to gradually exit the circle, with remarks like "the grain circle has finally gone mad" and "I'm lucky to have left in time." A student, Zhou Zhiwei, is such a former member of the "grain circle". It took her only two weeks from joining to deciding to exit. In those two weeks, she had already spent over a thousand yuan to buy her beloved anime models. Eventually, she realized that her passion for the characters was just a part of someone else’s profit-making tools, a realization that led her to leave.

Zhou Zhiwei summarized her own experiences, feeling that she is like a bunch of Chinese chives, repeatedly harvested.