Based on dramaturgy theory and parasocial interaction theory, this study adopts a grounded theory approach and codes multi-source qualitative data, including interviews with consumers and marketing practitioners, media reports, industry reports, and online community articles, to compare the advantages of self-created versus collaborative virtual influencers in brand endorsement. At the corporate level, the self-created approach offers advantages in such aspects as virtual character design and autonomy in marketing output, whereas the collaborative approach has advantages in such aspects as character design cost and marketing output efficiency. At the consumer cognitive and affective level, the two types have different emphases: the self-created approach helps highlight brand-character relevance and fit, whereas the collaborative approach is more effective at capturing consumer attention and increasing the emotional value of products. At the endorsement effectiveness level, the self-created approach focuses on long-term outcomes such as brand memory, identification, and loyalty, whereas the collaborative approach focuses on short-term outcomes such as immediate interaction and impulsive consumption.