Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesStocksEarnInstitutionAI & More
Snoop Dogg’s $12M Telegram NFT Gift Drop Sells Out in 30 Minutes Amid Market Slump

Snoop Dogg’s $12M Telegram NFT Gift Drop Sells Out in 30 Minutes Amid Market Slump

KriptoworldKriptoworld2025/07/09 16:00
By:by Tatevik Avetisyan

Snoop Dogg sold nearly 1 million NFTs through Telegram in just 30 minutes on July 10, 2025.

The collection, hosted on The Open Network (TON) blockchain, consisted of approximately 996,000 animated NFTs labeled as Telegram “Gifts.”

The tokens were available directly on Telegram and generated $12 million in total sales.

Telegram founder Pavel Durov confirmed the numbers in a post on X. He added that blockchain minting and secondary trading will begin in 21 days.

Snoop Dogg’s $12M Telegram NFT Gift Drop Sells Out in 30 Minutes Amid Market Slump image 0 Snoop Dogg’s $12M Telegram NFT Gift Drop Sells Out in 30 Minutes Amid Market Slump image 1 Snoop Dogg Telegram NFT Drop. Source: Pavel Durov / X (@durov)

The NFTs feature objects linked to Snoop Dogg’s public image. These include vintage cars, digital dogs, marijuana items, and swag bags.

Each item functions as a Telegram Gift, which users can display on their profile or convert into Stars, Telegram’s in-app currency.

Telegram NFT Gifts Tie to TON and Snoop’s “Gifts” Music Release

The Telegram NFTs are animated visuals designed for user profiles. Telegram launched the feature in January 2025, starting with a collection called Plush Pepe. These NFTs can be collected, traded, or worn as badges.

Alongside the drop, Snoop Dogg released a new track titled “Gifts.” The music video showcases the NFT collection and links to the digital assets sold during the Telegram launch.

The collection’s structure ties it to Telegram’s growing blockchain ecosystem. The NFTs are based on TON , a blockchain integrated into Telegram, which supports both minting and trading.

Snoop’s collection follows the same model. Users buy animated visuals, wear them on profiles, or use them within Telegram’s Star-based system. The NFTs are not just collectibles; they interact with platform features.

TON NFT Lead Highlights Telegram Profile Utility

Zenith, the NFT lead at TON, commented on the sale through X. He noted that Telegram Gifts offer visible, platform-specific use.

“Telegram Gifts have the most unique utility and that is the ability to wear them on your Telegram Profile,”

he posted.

According to Zenith, Telegram’s previous collections did not draw as much attention. However, the rapid sale of Snoop Dogg’s collection created wider engagement on the platform.

He added,

“I would not be surprised if other famous brands or Web3 IPs would not want to launch some gifts too! Now, the question is will they? I honestly don’t know, but I love to speculate.”

Telegram has not confirmed any future collaborations or expansion plans related to Telegram Gifts.

NFT Market Data Shows 61% Volume Drop in Q1 2025

Snoop Dogg’s Telegram NFT sale occurred during a decline in global NFT activity. Total NFT sales volume dropped 61% in Q1 2025, reaching $1.5 billion. In Q1 2024, the figure stood at $4.1 billion.

Data from CryptoSlam also shows a 41% decline in sales volume over the last 30 days. Transactions fell 55% during the same period. The data reflects a broader slowdown across NFT marketplaces.

Despite this, Snoop Dogg’s NFTs sold out in half an hour. The speed and volume of the sale highlight the size of Telegram’s user base and the marketing reach of a high-profile name.

Social media reactions described the collaboration as major, with users sharing videos and screenshots of the NFTs in their profiles.

Snoop Dogg Previously Launched Doggies and Passport NFT Series

Snoop Dogg entered the NFT space in 2021. His first large-scale NFT project came in February 2022, when he launched the Doggies collection in partnership with The Sandbox metaverse.

Later, in June 2023, he introduced the Snoop Dogg Passport Series, an NFT-based tour pass. Holders of those tokens received access to exclusive behind-the-scenes content, including photos and videos.

These past projects helped Snoop build recognition in the NFT space. His Telegram-based drop continues that trend, though the format now connects with messaging tools rather than gaming or concert content.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

AI investment enters the "Trough of Disillusionment", the next 18 months will be a life-or-death test!

Goldman Sachs believes that the AI investment cycle is currently in the "trough of disillusionment," but this is not the first time. The core contradiction lies in the fact that the business models of new cloud computing providers are highly dependent on end-user returns from AI spending, while currently "there are basically zero companies that can attribute profits to AI." Social Capital founder Palihapitiya has clearly defined an 18-month key window, during which the market will decide which AI business models are sustainable and which are not.

华尔街见闻•2026/11/11 05:11
AI investment enters the "Trough of Disillusionment", the next 18 months will be a life-or-death test!

Anthropic's Core Concern: Revenue Can Be Withdrawn at Any Time, but Computing Power Costs Are Locked in for up to 20 Years

Zheshang Securities believes that Anthropic's revenue is mainly based on usage-based billing, with remaining performance obligations covering only about 5.1 months of annualized revenue, while compute power costs are already locked in with $895.4 billion in irrevocable commitments, some extending as far as 2045. Revenues can be reduced at any time, but costs are non-exitable, creating a highly asymmetric maturity gap between the two—this is the company's real core constraint.

华尔街见闻•2026/11/11 04:46
Anthropic's Core Concern: Revenue Can Be Withdrawn at Any Time, but Computing Power Costs Are Locked in for up to 20 Years

Triple Pressure from the Federal Reserve, Treasury, and Congress; Goldman Sachs: Liquidity Crisis May Occur in 2027

Goldman Sachs warns that the reserve ratio of bank assets has dropped to around 11%, only slightly above the crisis trough of 2019. In the second half of 2027, a deadlock in debt ceiling negotiations will force the Treasury to rebuild the TGA, triggering a "perfect storm" of a sharp drop in reserves and a surge in T-bill supply; combined with stalled money market fund buying, this will create a huge liquidity black hole. The Federal Reserve could be forced into the awkward position of lowering interest rates and launching large-scale bond purchases to rescue the market.

华尔街见闻•2026/11/11 04:12
Triple Pressure from the Federal Reserve, Treasury, and Congress; Goldman Sachs: Liquidity Crisis May Occur in 2027