Snoop Dogg sells 12 million USD NFT, APE Token unlocks sparks BAYC community follow

Recently, legendary rapper Snoop Dogg has reignited the NFT market, with digital collectibles launched on the Telegram platform selling out in just 30 minutes, generating nearly $12 million in sales. This astonishing sales performance has injected a boost into the once sluggish NFT market. At the same time, APEcoin will unlock 1.95% of APE Tokens on July 17, and the highly anticipated BAYC-related event "ApeFest 2025" will also take place in Las Vegas, all of which suggest that the NFT market may be on the brink of a new turning point.

Snoop Dogg's NFT Craze: Sold Out $12 Million in 30 Minutes

According to a post by Telegram founder and CEO Pavel Durov on X, the digital collectibles launched by Snoop Dogg on the messaging platform sold out in just 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 in 21 days. The rapper released a song titled "Gifts" along with a music video showcasing these collectibles.

Snoop Dogg's latest NFT sale is not his first foray into digital collectibles. The rapper previously purchased a Bored Ape Yacht Club (BAYC) monkey. He also collaborated with Eminem to shoot a music video featuring this monkey, and Eminem owns a BAYC NFT artwork as well. Snoop Dogg has previously launched his collectibles on the market. His Doggies and Passport series have been very successful.

Zenith, the head of the TON blockchain NFT, stated that this could be the beginning of a new story. Zenith highlighted Telegram's "Gifts" program, which allows users to use their digital artworks on their profile pictures.

The Revival and Challenges of the NFT Market

The NFT market saw explosive growth in 2021. Many digital artworks were traded for prices reaching millions of dollars. However, this craze did not last long. In the past few years, the value of these artworks has plummeted dramatically. Works that once sold for millions of dollars are now worth only a few dollars. One of the reasons for the collapse of the non-fungible token market is likely the excessive hype and the bursting of the speculative bubble. The prices of artworks were outrageously high, ultimately leading to the market crash.

It is uncertain whether Snoop Dogg's latest NFT release can revitalize the market. We might see NFTs heading in a different direction during this cycle. The success of this sale may indicate that the NFT market is shifting from pure speculation to more practical and community-connected applications.

ApeCoin Unlock and APE Ecosystem

ApeCoin (APE) is an ERC-20 governance utility Token that supports the APE ecosystem. The APE ecosystem is a decentralized protocol layer aimed at promoting Web 3.0 community building. Yuga Labs is the creator of the famous NFT series BAYC and the copyright holder of CryptoPunks and Meebits, and has now incorporated APE as a mainstream Token in its new products and services.

ApeCoin DAO is a decentralized autonomous organization aimed at assisting APE token holders in executing various governance decisions, from fund allocation to establishing partnerships. After voting by DAO members, the legal management body of the DAO, the APE Foundation, will be responsible for implementing these governance decisions. As a participation key in ApeCoin DAO, the APE token can access the unique features of the APE ecosystem, such as exclusive games, merchandise, and events. Additionally, third-party developers can integrate the APE token into their platforms as an incentive.

Regarding the unlocking details of the APE Token, APEcoin will unlock 15,600,000 APE Tokens on July 17, accounting for approximately 1.95% of the current circulating supply. Token unlocks usually put pressure on market prices, and investors should pay close attention.

ApeFest 2025: The Annual Event of the BAYC Community

The official announcement states that the event "ApeFest" organized by BAYC will be held in Las Vegas, USA in October 2025. The event will take place on Friday, October 24, 2025, at the immersive entertainment venue AREA15 in Las Vegas. This will be a special event limited to community members, only open to NFT holders of BAYC and its derivative project Mutant Ape Yacht Club (MAYC), along with one accompanying person holding a valid ticket.

According to the announcement, ApeFest's blockchain platform ApeChain has become the official Web3 sponsor of ComplexCon. As part of this collaboration, participants of ApeFest will receive special entry qualifications for ComplexCon. ComplexCon is a "cultural festival" originating from the United States, blending elements of street fashion, sneakers, music, art, food, technology, and more, which will be held the next day.

Snoop Dogg's NFT sales have been successful, bringing new hope to the NFT market. The unlocking of APE tokens and the hosting of ApeFest 2025 indicate the continued activity of the BAYC ecosystem. These events together form a positive signal for a potential revival of the NFT market, but investors still need to cautiously assess its volatility.