Snoop Dogg’s NFT Comeback Flops—Why Bitcoin Remains the King
Rap legend Snoop Dogg’s latest NFT revival attempt crashes harder than a meme coin in a bear market. Meanwhile, Bitcoin keeps flexing its dominance—because fundamentals actually matter.
Why NFTs Keep Failing
Celebrity-backed JPEGs had their 15 minutes of fame, but liquidity’s drier than a DeFi project’s whitepaper. Snoop’s Bored Ape might need life support.
Bitcoin’s Unstoppable Ascent
No gimmicks, no hype—just the hardest money in history. While influencers chase clout with vaporware, BTC’s network hash rate just hit another ATH. Wake us up when NFTs can do that.
The Bottom Line
Wall Street still doesn’t get it, but smart money’s stacking sats. Pro tip: When your financial advisor finally ‘discovers’ crypto, make sure they’re not pitching you a metaverse timeshare.
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.
