Snoop Dogg's NFT Collection Sells Out in 30 Minutes Generating $12 Million

American rapper Snoop Dogg successfully sold out a collection of nearly a million NFTs on Telegram in just 30 minutes on Wednesday. This event seems to challenge the prevailing notion that the NFT industry is in decline. The collection, powered by the TON blockchain, was inspired by Snoop Dogg's iconic style and generated $12 million in sales. Telegram founder Pavel Durov announced this achievement on X, highlighting that the blockchain minting and secondary market would go live in 21 days, suggesting further developments and potential excitement in the NFT space.

The NFT collection included a variety of items such as vintage cars, swag bags, a digital dog, marijuana-related objects, and other symbols. These Telegram Gifts are animated images that can be displayed on a user's profile or converted into the platform's in-app currency called Stars. Snoop Dogg also released a new track titled “Gifts” and a music video showcasing all the available collectibles, adding to the overall appeal and engagement of the collection.

Social media and YouTube users praised Snoop Dogg’s collaboration with Telegram, describing it as “legendary.” Many saw the collection selling out as a positive sign for the NFT market, which has faced challenges with low volumes and sales this year. Despite the struggles, the success of Snoop Dogg’s NFT collection suggests a potential resurgence in interest and activity within the NFT space.

An individual posting under the handle Zenith, who works as the NFT lead at TON, noted that original Telegram gifts are not new and have been available since at least January with the release of the “Plush Pepe” collection. However, they speculated that the positive reaction to Snoop Dogg’s collection could mark the beginning of a new narrative for NFTs. Zenith highlighted the unique utility of Telegram Gifts, which can be worn on a user's Telegram profile, and speculated that other famous brands or Web3 IPs might be interested in launching similar gifts.

Snoop Dogg has been an active participant in the NFT space since 2021. In June 2023, he unveiled the Snoop Dogg Passport Series, an NFT collection offering holders access to exclusive content such as behind-the-scenes videos and photos. Additionally, in February 2022, Snoop Dogg launched the Doggies NFT collection in partnership with The Sandbox metaverse. His continued involvement in the NFT space underscores his commitment and influence within the industry.