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

American rapper Snoop Dogg successfully sold out a collection of nearly a million non-fungible tokens (NFTs) on Telegram in just 30 minutes on Wednesday. This rapid sellout challenges the prevailing notion that the NFT industry is in decline. The collection, comprising around 996,000 NFTs powered by the TON blockchain, was inspired by Snoop Dogg's iconic style and generated $12 million in sales, as announced by Telegram founder Pavel Durov on X.

The collection featured a variety of tokens, including vintage cars, swag bags, a digital dog, marijuana-related objects, and a mix of other items and symbols. These Telegram Gifts are animated images that can be displayed on a user's profile or converted into the social platform’s in-app currency called Stars. The blockchain minting and the secondary market for these NFTs are set to go live in 21 days, according to Durov.

In addition to the NFT collection, Snoop Dogg also released a new track titled “Gifts” and a music video showcasing all the available collectibles. Social media and YouTube users praised the collaboration, with many calling it “legendary” and seeing the sellout as a positive sign for the NFT market, which has faced challenges with low volumes and sales this year.

Snoop Dogg’s involvement in the NFT space is not new. He has been active since the tokens gained mainstream popularity in 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, he launched the Doggies NFT collection in partnership with The Sandbox metaverse.

An X user 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, when a collection called “Plush Pepe” was released. However, Zenith speculated that the positive reaction to Snoop Dogg’s collection could mark the beginning of a new NFT narrative, although they also acknowledged that it might not have significant implications.

Zenith highlighted the unique utility of Telegram Gifts, which can be worn on a user's Telegram profile. They also speculated that other famous brands or Web3 intellectual properties might be interested in launching similar gifts, although they were uncertain about the likelihood of this happening.