Nikolas Sargeant
Snoop Dogg's latest NFT collection generated over $12 million in sales after selling out completely within 30 minutes of launch on Telegram's digital gifts platform. The rapper's collection comprised nearly 996,000 digital collectibles built on the TON blockchain network, marking another successful venture into the digital asset space for the hip-hop icon.
The collection offered unique NFTs inspired by the rapper's style, including multiple marijuana-themed collectibles, anthropomorphic beagles, and vintage cars. Snoop Dogg launched 996,000 NFT Telegram Gifts across five different collectible categories, with the premium Westside Sign tier offering 12,000 NFTs priced at 10,000 TON tokens each, costing approximately $150 per NFT. This premium tier sold out completely, demonstrating strong demand for celebrity-backed digital collectibles.
The digital collectibles are verified on the TON Blockchain, allowing verified owners the exclusivity to customize their channels, bios, and messages on Telegram. The messaging platform boasts a billion users, providing a massive potential audience for digital collectible drops. To cement the partnership, Snoop dropped a new track titled "Gifts" alongside the NFT launch.
NFT Market Troubles
The remarkable success of Snoop Dogg's Telegram NFT drop comes at a time when the broader NFT market faces significant headwinds, with numerous platforms shutting down operations. Major marketplaces like VK have announced closures amid declining trading volumes and user interest, reflecting the challenging market conditions that have persisted since the NFT boom of 2021-2022. Against this backdrop, Snoop Dogg's $12 million sellout represents a notable exception, suggesting that celebrity-backed collections with strong brand recognition can still generate substantial demand even in a contracting market.
This latest venture continues Snoop Dogg's extensive involvement in the digital asset space, where he has operated under the alias "Cozomo de' Medici" and reportedly amassed a $17 million NFT collection at one point. The rapper has also expanded his blockchain presence through partnerships with platforms like Gala Music, further cementing his position as a major celebrity figure in Web3. The successful sellout demonstrates how established celebrities can buck broader market trends, even as the digital collectibles space continues to face ongoing challenges and fluctuations in demand.
