Snoop Dogg’s 996K Telegram NFTs Sell Out in 30 Minutes: What Happened?
Snoop Dogg’s Telegram NFT Drop Achieves Record Sales in Just 30 Minutes
Unprecedented NFT Launch and Sales Performance
On July 9, Snoop Dogg’s latest NFT collection on Telegram created a buzz as it sold out an impressive 996,000 unique digital assets in a mere 30 minutes. This rapid sellout generated a remarkable $12 million in revenue, marking a significant moment in the NFT market. Telegram’s CEO, Pavel Durov, celebrated the event, noting a 7.75% surge in global NFT trading volume, defying earlier market predictions.
A Five-Tiered Collection with Instantaneous Sellouts
The NFT collection featured five distinct tiers, catering to various budgets and collector preferences. The premium “Westside Sign” tier, comprising 12,000 NFTs priced at approximately $150 each, was completely sold out in just 1 minute and 47 seconds. Following closely, the “Low Rider” tier, which included 24,000 NFTs priced at $75, sold out in 1 minute and 52 seconds.
Additionally, mid-range options like the “Snoop Cigar” tokens (120,000 NFTs at $15), “Swag Bags” (240,000 NFTs at $7.50), and the entry-level base edition (600,000 NFTs at $3) all disappeared before the half-hour mark.
Telegram Gifts Marketplace’s Rapid Growth
Since its launch on January 3, the Telegram Gifts platform has rapidly evolved into a significant player in the NFT space. With a total valuation exceeding $200 million and $122 million in trading volume, the marketplace has integrated NFTs into user profiles, allowing for unique “wearable” stickers.
The pre-launch excitement, fueled by interactions between Durov and Snoop Dogg, along with insights from TON’s Zenith, contributed to the swift sellout rates. This success story highlights Telegram’s appeal to crypto enthusiasts and marks a significant milestone in Snoop Dogg’s ongoing journey in the blockchain realm, which includes past ventures like accepting Bitcoin in 2013 and launching various NFT projects.
