Snoop Dogg Shatters Telegram’s NFT Records with $12 Million Sale

The music world and the NFT space have collided in a big way, thanks to American rapper Snoop Dogg. His latest NFT collection dropped on Telegram and sold out in a staggering 30 minutes, raking in over $12 million in sales. This unprecedented success has got everyone talking, and Telegram’s founder, Pavel Durov, is thrilled with the performance.

The Snoop Dogg Effect: A New Era for NFTs on Telegram

Durov took to social media to celebrate the achievement, announcing that blockchain funeral services and secondary market functionality will be launching on the platform within 21 days. The numbers are impressive, with almost a million unique NFTs inspired by Snoop’s iconic style already snapped up by collectors. The collection included a range of digital assets, such as “doggs” – each with 200 Telegram stars – which sold over 600,000 units, and Snoop’s signature cigars, which moved over 120,000 units at 1,000 stars per piece.

A Boost for Telegram’s NFT Ecosystem

Snoop Dogg’s involvement with Telegram’s NFT initiative has been a game-changer. Since he joined the platform in May, NFT activity has surged, particularly in the blockchain-based ecosystem. The market capitalization of Telegram NFT gifts reached $200 million in June, with daily trading volume exceeding $8 million. Data from Dune Analytics shows that over 118 tokens have been issued, and more than 263,000 unique wallets are participating in trading activities.

Blue-Chip NFTs Flock to Ton: A New Hub for Digital Collectibles

The success of Snoop Dogg’s NFT collection has sparked a wave of interest in Telegram’s NFT ecosystem. Other prominent digital collections, such as Bored Ape Yacht Club, Chubby Penguins, Doodles, and Moonbirds, are now eyeing the platform for their NFT sticker collections. This migration of blue-chip NFTs to Ton could potentially catalyze a revival of the NFT market, which experienced a significant downturn after its peak in 2022.

A Look at the Bigger Picture: The Global NFT Market

According to Coingecko, the global NFT market is currently valued at around $3.7 billion, with a 24-hour sales volume of $4.3 million. While Ethereum-based collections like CryptoPunks and Bored Ape Yacht Club, as well as Solana-based projects like Pudgy Penguins, continue to dominate the market, the rise of Telegram’s NFT ecosystem could signal a shift in the landscape. With its user base of over a billion and growing NFT activity, Telegram is poised to become a major player in the digital collectibles space.