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Snoop Dogg's NFT sold out in 30 minutes, earning 12 million Dollars — Telegram's new platform is a hit once again.
Rap legend Snoop Dogg has done it again. His NFT collection released on the new NFT platform “Telegram Gifts” on Telegram sold out in just 30 minutes. The revenue reached 12 million Dollars. As a result, the global NFT sales volume has risen by 7.75%.
996,000 NFTs disappear instantly
This collection was divided into 5 tiers:
The price range is $3 to $150. The tier with the most trading volume was the lowest priced “Snoop Dogg” tier (600,000 pieces). According to Telegram CEO Pavel Durov, this selling volume has become the talk of the industry.
The momentum of the Telegram Gifts platform continues unabated
This initiative also includes the new song “Gifts.” All NFTs appeared in the MV.
Overall Performance of Telegram Gifts:
The feature of this platform is that NFTs are available for use as profile decoration. They hold value as social identity rather than as speculative assets.
Snoop is a pioneer in the NFT industry
His crypto history dates back to 2013 (when he sold albums for Bitcoin). After that:
This Telegram collaboration demonstrates his seriousness towards Web3.
Why did it sell out so quickly?
The answer is simple: the combination of celebrities × new platform × low price range. Not only speculators but also Snoop's fans are joining in. The low barrier of trading within the Telegram app that is used daily is also significant.