Snoop Dogg collaborated with Telegram’s TON blockchain to drop 996,000 of them, using Telegram’s new “Send a Gift” feature. This decision went against the prevailing bearish wave across the NFT market, but it proved the market demand for celebrity-affiliated digital collectibles. The collection, inspired by Snoop Dogg’s latest single “Gifts,” included a wide range of products that showcased his signature style.
These NFTs came with a range of added benefits, such as vintage cars, swag bags, marijuana-themed experiences and digital dogs. Given how the celebrity, the platform, and targeting combined, Snoop Dogg’s efforts were a strategic marketer’s dream. The lucrative sale suggests that the NFT space, even amid widespread crypto market bearishness on a macro level, continues to house specific concentrations of potential.
Recently valued at $1 billion, The Open Platform (TOP) is one of the main infrastructure developers for the TON blockchain. Telegram’s founder, Durov, sees the TON blockchain as a headquarters for blockchain innovation. Teaming up with Ethereum, like Wiz Khalifa, Snoop Dogg’s choice to release his NFTs on this platform highlights its increasing importance in the digital asset arena.
The NFT market has been going through a much publicized slump since its 2021 highs. 2024 has already seen the lowest trading volume and sales counts since 2020. Year-over-year standard metric trading volumes have recently sunk 19% YoY, in step with the YoY change in the number of NFT sales, down 18%.
While all of these are broader market trends, Snoop Dogg’s NFT sale — made possible through Telegram — shows that exciting niches are still flourishing. Ryan Yoon, a senior analyst at Tiger Research, noted that certain NFT verticals continue to fascinate audiences. Perhaps most critically, these areas are generating HUGE interest these days. This high-profile sale is a reminder that perhaps, with thoughtfulness and intention, NFT projects can still make an impact on audiences.
