- Snoop Dogg released nearly 1 million NFTs on Telegram, selling out in 30 minutes.
- The NFT collection, based on the TON blockchain, generated $12 million in sales.
- Blockchain minting and a secondary market for the tokens will open in 21 days, according to Telegram founder Pavel Durov.
- The launch comes at a time when overall NFT trading volumes have seen significant declines.
- Snoop Dogg has a history of NFT releases, including previous collaborations with The Sandbox Metaverse and other platforms.
Snoop Dogg sold out a new collection of almost 1 million non-fungible tokens (NFTs) on Telegram within 30 minutes on Wednesday. The NFT drop took place on the messaging platform and featured digital collectibles inspired by the rapper’s style.
The collection contained approximately 996,000 NFTs powered by the TON blockchain and generated $12 million in sales. Telegram founder Pavel Durov confirmed these numbers in an official post on X. Durov announced that “Blockchain minting and the secondary market go live in 21 days. It’s going to be wild.”
Items in the collection included images of vintage cars, swag bags, a digital dog, and marijuana-themed objects. These NFTs, called Telegram Gifts, are animated symbols that users can display on their profile pages or convert into the app’s in-platform currency named Stars. As part of the launch, Snoop Dogg also released a new song titled “Gifts” and a music video showing all the available collectibles.
Despite the success of this sale, data shows that NFT trading volumes have been low this year. According to CryptoSlam, sales volume in the NFT market has dropped 41% to more than $403 million in the last 30 days, with transaction numbers down over 55%. In a related X post, Zenith, the NFT lead at TON, suggested the reaction to Snoop Dogg’s collection “could be the start of a new NFT Narrative,” although they also noted it might not mean much technically.
Snoop Dogg has been involved in the NFT space since 2021, with previous projects like the Snoop Dogg Passport Series and the Doggies NFT collection in collaboration with The Sandbox metaverse. Other NFT-themed gifts have appeared on Telegram since January, and industry observers are watching to see if more brands will follow this trend.
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