In the context of digital media culture, “imagination consumption” as an emerging paradigm of cultural consumption is gradually becoming a key driving force behind transmedia storytelling. Taking Honor of Kings: Chapter of Glory as the research object, this paper explores how, during the process of animation adaptation, game IPs facilitate an identity shift from “controlling subject” to “emotional spectator” through user participation, narrative restructuring, and visual translation. “Imagination consumption” not only shapes the modes of user engagement but also restructures the production mechanisms and communication pathways of cultural products. This study aims to provide a practical reference and strategic insights for the cross-media development of original IPs in the current media environment.