According to an X post by Telegram founder and CEO Pavel Durov, Snoop Dogg’s digital collectibles drop on the messaging platform sold out within 30 minutes. The American rapper sold nearly 1 million NFTs (Non-Fungible Tokens), generating nearly $12 million in sales. Durov stated that blockchain minting and the secondary market will go live after 21 days. The rapper had put out a track called “Gifts,” along with a music video, showcasing the collectible items.

Are NFTs Back?

Snoop Dogg’s latest NFT sale is not his first encounter with digital collectibles. The rapper had previously purchased one of the Bored Ape Yacht Club (BAYC) monkeys. He had also featured the monkey in a music video with Eminem, who also owned a BAYC non-fungible token art. Snoop has also previously had his own collections on the market. His Doggies and Passport collections were incredibly successful.

What the latest development signifies for the NFT market is uncertain. According to TON blockchain NFT lead, Zenith, it could be the start of a new narrative. Zenith highlights how Telegram’s “Gifts” initiative allows users to use their digital art pieces on their profile pictures.

We may witness the non-fungible token market making a comeback. The NFT market exploded in 2021. Many digital art pieces were trading for millions of dollars. But the hype did not last. The art pieces have seen a drastic dip in value over the last few years. Pieces that once sold for millions were worth just a few dollars.

One reason for the collapse of the non-fungible token market is likely due to the hype fizzing out and the speculation bubble bursting. Art pieces reached unrealistic prices, and it eventually came crashing down.

Also Read: Crypto Czar David Sacks Redefines NFTs and Meme Coins as ‘Collectibles’

It is uncertain if Snoop Dogg’s latest NFT sale will revive the market. We may see non-fungible tokens take a different direction this cycle.