Snoop Dogg is back in the news again! The legendary musician and business mogul just released a new, Telegram-exclusive non-fungible token (NFT) collection. The collection of almost 1 million digital collectibles was a smash hit, selling out in minutes. That booming demand resulted in more than $10 million in sales and created an NFT stampede on the platform. This successful launch is representative of the increasing demand for NFTs. Artists and creators are able to engage with their audiences like never before!
The launch points to the growing popularity of Telegram as an NFT hub. Doggy-nomics Snoop Dogg touted his NFT collection and dropped a new track called “Gifts” in his official Telegram Channel. He posted the link to the song’s music video and tagged Durov’s official Telegram channel in his tweet. This launch was a success! Specifically, it illustrates just how well we can leverage proven social media platforms to share and distribute new digital assets.
Snoop Dogg's NFT Venture on TON Blockchain
Hosted on the TON Blockchain, Snoop Dogg’s NFT Collection. It connects natively inside Telegram, giving users a familiar and convenient experience right at their fingertips. This strategic move leverages Telegram's massive user base and the TON Blockchain's scalability and efficiency. Snoop Dogg shills Toncoin (TON) on his song “Gifts.” TON Blockchain influence He’s furthering the adoption of the partnership between TON Blockchain and Telegram.
The collection's rapid sell-out mirrors the success of similar initiatives on Telegram, such as Durov's 4th of July-themed Gifts, which saw 800,000 collectibles sold in a mere 10 minutes. That’s a promising signal for the overall appetite for digital collectibles to be found within the Telegram ecosystem. Zenith, a leading voice in the crypto space, emphasized the importance of this integration.
"They are NFT Collectibles that are on the TON Blockchain and inside of Telegram!" - Zenith
Snoop Dogg’s NFT launch on Telegram as the music platform’s biggest success yet. This collaborative win should motivate more artists and brands to pursue innovative projects like this. Zenith anticipates this trend.
"would not be surprised if other famous brands or web3 IPs would want to launch some gifts too!" - Zenith
The Broader NFT Market Landscape
Despite all the hype surrounding Snoop Dogg’s NFT collection, the larger NFT market has been more volatile in recent months. As DappRadar’s data shows, it’s an incomplete and even contradictory picture in the year’s second quarter. Even with a 45% decrease in trading volume, NFT sales grew by 78%, showing just how fast the global market for these digital assets is changing. The figure for active traders was even rosier, up 20% since Q1. There were an average of 668,598 monthly active traders. DappRadar estimates that this might be an indication of the NFT space being back in fashion.
"NFTs are becoming more affordable, but the interest hasn’t disappeared. On the contrary, it’s shifting in nature" - DappRadar
The rush for high-value NFTs seems to be cooling. Consumers continue to show a strong appetite for accessible, affordable digital collectibles. DappRadar further elaborates.
"Taken together with the spike in sales, this suggests a slow but steady return of users to the NFT space, although likely for different motivations than in previous cycles" - DappRadar
Snoop Dogg recently launched a hugely successful NFT that capitalizes on this trend. Fans can now own a piece of his brand for a price point that is much more accessible.
Snoop Dogg's Continued Influence in the NFT Space
Snoop Dogg made a splash in the NFT space in 2021. Since then, he has released dozens of NFT collections in both 2022 and 2023. His continued engagement is an indicator that he’s all in on the promise of NFTs. He considers them an innovative tool for artistic expression and fan interaction. His first OG collection, the Plush Pepe, currently has a floor price of 4,200 TON. That’s over $11,886, which really goes to show how much value well-curated NFT projects can build over time.
Pavel Durov, founder of Telegram, further recognized the importance of the launch, and teased several upcoming features.
"Blockchain minting and the secondary market go live in 21 days. It’s going to be wild" - Pavel Durov
Snoop Dogg’s debut on the TON Blockchain and Telegram ecosystem represents a new wave of NFTs. This latest move highlights their increasing potential for mainstream adoption.
