Hip-hop legend Snoop Dogg’s latest NFT release sold out in half an hour, generating millions through Telegram and putting the platform’s blockchainblockchain-based features to the test.
The feat was praised by Telegram founder Pavel Durov on Wednesday, as he noted that blockchain minting and a secondary market are going live on the platform in three weeks.
🎤 @SnoopDogg’s digital collectibles drop on Telegram sold out in just 30 minutes today, generating $12M in sales. Nearly 1M unique NFTs inspired by Snoop’s iconic style. Blockchain minting and the secondary market go live in 21 days. It’s going to be wild. pic.twitter.com/DeinT5C2f4
The NFTs, nearly one million in total, were sold through Telegram’s in-app “Send a Gift” feature, with prices ranging from 200 to 15,000 stars. NFTs, or non-fungible tokens, are unique digital assets recorded on a blockchain that can represent ownership of art, music, or virtual items.
Durov said each piece of the collection was “inspired by Snoop’s iconic style” and ties into his latest track “Gifts,” released simultaneously on YouTube.
In the music video, a news reporter describes how “Mr. Moneybag” Durov had allegedly been giving away $17 billion dollars to “his 106 kids,” followed by a characterization of Snoop Dogg as a “crip-walking capitalist.”
“Wakin’ up early on a brand new day. Plug in my phone, get dressed, and then I plot my play,” the OG rapper rhymed, narrating his day to day use of the app where “critical existence, digital resistance,” thrives.
Some NFTs "continue to thrive"
With the broader NFT market having cooled since its 2021 highs, and NFT shutting down one after another, the collection was more than just another celebrity drop—it shows that NFTs aren’t entirely dead, according to analysts.
“While the NFT market has indeed lost momentum compared to its peak, certain categories continue to thrive,” Ryan Yoon, senior analyst at Tiger Research, told Decrypt.
Observers say categories like airdrop NFTs and utility-based collectibles have continued to find traction, with Snoop’s collection appearing to straddle both.
Given the sale’s performance, the feat represents “more than a simple collaboration,” Yoon said. “It’s the result of aggressive, multi-channel marketing execution,” and operated by “channeling attention and driving demand.”
The NFT market suffered a dismal 2024, with trading volumes and sales counts dropping to their weakest levels since 2020.
Annual trading volumes fell by 19%, while sales counts dipped by 18% compared to 2023, according to a report by blockchain analytics platform.
Despite a surge in crypto market activity, driven by Bitcoin’s all-time highs and booming DeFi growth, NFTs appeared to struggle under the weight of their own inflated valuations.
Early in the year, NFT trading volumes reached $5.3 bi...
Early this month, Telegram crossed a major milestone as The Open Platform (TOP), the infrastructure builder behind The Open Network (TON) blockchain, surpassed a $1 billion valuation, driven by rising adoption of mini apps, wallet integrations, and NFT activity within the app.
The Open Platform, a developer of Telegram-based protocols and apps built on The Open Network (TON), said Thursday that it has completed its Series A funding round, raising $28.5 million at a valuation of $1 billion.
The round, led by Ribbit Capital, makes The Open Platform (TOP) the first crypto unicorn—or startup with a $1 billion valuation—in the Telegram blockchain ecosystem, the firm claimed. Pantera Capital also participated in the round.
“TOP’s combination of expertise, capital, and our d...
On Telegram, NFTs are used directly in-app and can be gifted “within its social ecosystem,” a factor that’s helped push it as a “hub for the ‘degen’ community,” Yoon said.
That design choice, in particular, “creates genuine value propositions through features like custom stickers and profile customization,” and positions Telegram as “a viable market for functional NFT applications,” he added.
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