Snoop Dogg Attempts NFT Revival, Buy Bitcoin Instead

Snoop Dogg has breathed new life into the NFT market, selling nearly one million digital collectibles via Telegram in just 30 minutes, raising $12 million and challenging the narrative that NFTs are fading away. However, for investors seeking an actual return, Bitcoin looks like the best bet and the fastest horse.

On Wednesday, the legendary rapper teamed up with Telegram’s TON blockchain to release 996,000 NFTs through the messaging app’s innovative “Send a Gift” feature. Telegram founder Pavel Durov announced the staggering success on social media, adding that blockchain minting and secondary market trading will launch in just three weeks, predicting, “It’s going to be wild.”

The digital assets, reflecting Snoop Dogg’s iconic style, included vintage cars, swag bags, marijuana-themed items, digital dogs, and other eclectic collectibles. The collection aligned with Snoop’s latest track, aptly titled “Gifts,” further blurring the lines between music, technology, and pop culture.

The Snoop NFTs on OpenSea

This success isn’t just about celebrity branding, however. Analysts see deeper significance in the rapid sell-out, suggesting NFTs could find renewed vitality through utility-driven and social-platform integrations rather than hype alone.

Ryan Yoon, senior analyst at Tiger Research, described the sale as evidence that the NFT sector, despite its downturn, isn’t entirely dormant. “While the broader NFT market certainly took a hit since its 2021 boom, specific niches continue to attract attention and thrive,” Yoon noted.

Telegram itself has been increasingly recognized as a crypto-friendly ecosystem. The recent $1 billion valuation of The Open Platform (TOP), a key infrastructure developer for the TON blockchain, underlines the app’s growing influence in digital collectibles and mini-app integrations.

NFT market performance more broadly paints a contrasting picture, however. After peaking spectacularly two years ago, NFTs have since tumbled, with 2024 marking their lowest trading volume and sales counts since 2020. Data from blockchain analytics platforms showed annual trading volumes dropped 19%, with the number of sales falling by 18% from the previous year.

Yet, Snoop Dogg’s rapid-fire NFT sale defies this downward trend, showcasing a strategic blend of celebrity influence, platform utility, and targeted marketing. Telegram’s integration of NFTs into its everyday messaging experience taps into the core “degen” community, offering genuine value through unique digital expressions like custom stickers and profile enhancements.

Drop it like it’s hot

Durov’s vision of Telegram as a hotspot for blockchain innovation seems increasingly justified. Analysts predict this kind of practical NFT usage could represent the future, potentially redefining the digital collectibles market altogether. The success of Snoop’s sale might just be the beginning of a broader revival, proving NFTs are far from dead—they might just be evolving.

Bitcoin: A Better Bet than NFTS

However, NFTs remain unpredictable, lacking a clear and sustainable value thesis. Their speculative nature makes them risky assets for investors seeking stability or predictable returns. On the other hand, Bitcoin continues to demonstrate robust growth, solidifying its position as digital gold. Driven by institutional adoption, geopolitical uncertainty, and increasing regulatory clarity, Bitcoin remains the smarter investment choice, as its consistent upward trajectory signals ongoing strength and reliability in an otherwise volatile crypto landscape. That means now is a good time to buy Bitcoin as the bull run begins, however, NFTs are best thought of as fun collectibles, not an investment.