Hip Hop legend Snoop Dogg released a nearly 1 million non-fungible token (NFT) collection on Telegram, which sold out in minutes. The launch created massive interest online and raised over $10 million in sales.
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Snoop Dogg’s Telegram Drop Raises $12 Million
On Wednesday, Snoop Dogg launched digital collectibles on Telegram, igniting an NFT frenzy on the platform. The collection offered unique NFTs inspired by the rapper’s style, including multiple marijuana-themed collectibles, anthropomorphic beagles, and vintage cars.
The drop is part of Telegram’s Collectible Gifts, unique works of art on the platform that can be displayed on profiles and have special attributes. As the website explains, the collectibles can be transferred between users or auctioned on NFT marketplaces.
Telegram’s founder, Pavel Durov, revealed that the Snoop Dogg drop sold out in 30 minutes, selling 996,000 NFTs for $12 million, adding that “Blockchain minting and the secondary market go live in 21 days. It’s going to be wild.”
Last week, Durov shared that the 4th of July-themed Gifts also sold out within minutes, with over 800,000 collectibles selling in 10 minutes.
Amid the collectibles’ launch, the rapper promoted it alongside a new track titled “Gifts” on his official Telegram Channel. He shared the link to the song’s music video and tagged Durov’s Telegram channel, saying, “time to drop it like it’s hot.”
In the track, Snoop Dogg shouts out Toncoin (TON), the native token of the TON Blockchain, and Telegram. “Plug in my phone, get dressed, and then I plot my play / Critical existence, digital resistance / Shifted, gifted, and lifted / (…) / Stickers and games on Telegram, guess it’s coming soon / My privacy is not for sale,” some of the lyrics read.
Notably, this isn’t the rapper’s first NFT venture, as he entered the space when the sector first gained mainstream popularity in 2021 and dropped collections in 2022 and 2023.
NFT Mania Making A Comeback?
On X, NFT lead at the TON blockchain, Zenith highlighted the drop’s success, as some of the supply gifts sold out in less than 2 minutes. He explained that Telegram gifts have had a peak market capitalization of over $200 million and a trading volume of $122 million since their launch.
According to the post, the first OG collection, the Plush Pepe, now has a floor price of 4,200 TON, worth $11,886. “They are NFT Collectibles that are on the TON Blockchain and inside of Telegram!” he noted.
To Zenith, this could be the start of a new NFT narrative, adding that they “would not be surprised if other famous brands or web3 IPs would want to launch some gifts too!” However, they pointed out that it could also mean nothing for the sector.
In a recent report, DappRadar shared that Q2 data revealed new narratives are emerging, while old ones are “making a comeback.” The report claims that “NFTs are becoming more affordable, but the interest hasn’t disappeared. On the contrary, it’s shifting in nature,” a trend the platform’s analysts have been observing “for a while.”
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Notably, NFT trading volume dropped by 45% in Q2, but sales increased by 78%. Meanwhile, the number of traders increased 20% from Q1, with an average of 668,598 monthly traders.
“Taken together with the spike in sales, this suggests a slow but steady return of users to the NFT space, although likely for different motivations than in previous cycles,” the report concluded.
Featured Image from Unsplash.com, Chart from TradingView.com
