What happened?
Snoop Dogg’s new NFT collection launched on Telegram and sold out completely in just 30 minutes, making over $12 million in sales. The success comes as Telegram introduces blockchain minting and a secondary market for NFTs on its platform. Nearly a million unique NFTs inspired by Snoop Dogg’s style have already been purchased, highlighting significant demand for digital collectibles.
Who does this affect?
The event impacts several groups, including NFT collectors, Telegram users, and the wider cryptocurrency community. Collectors are interested in acquiring unique pieces associated with popular figures like Snoop Dogg. Telegram users will soon have more opportunities to engage in NFT trading, while the broader crypto market might see increased activity due to new blockchain features introduced by Telegram.
Why does this matter?
This development signifies a potential comeback for the NFT market, which had cooled off after its peak in 2022. With Telegram’s new capabilities and the popularity of Snoop Dogg’s collection, there is a renewed interest in digital collectibles. The rapid sellout and high sales figures suggest robust demand, potentially driving further growth and innovation in the NFT and blockchain industries.