Hip Hop legend Snoop Dogg released a nearly 1 million non-fungible token (NFT) collection on Telegram, which sold out in minutes. The launch created massive interest online and raised over $10 million in sales. Related Reading: Bitcoin Back In ‘Retesting Phase’ After Key Level Reclaim – The Calm Before The Storm? Snoop Dogg’s Telegram Drop Raises $12 Million On Wednesday, Snoop Dogg launched digital collectibles on Telegram, igniting an NFT frenzy on the platform. The collection offered unique NFTs inspired by the rapper’s style, including multiple marijuana-themed collectibles, anthropomorphic beagles, and vintage cars. The drop is part of Telegram’s Collectible Gifts, unique works of art on the platform that can be displayed on profiles and have special attributes. As the website explains, the collectibles can be transferred between users or auctioned on NFT marketplaces. Telegram’s founder, Pavel Durov, revealed that the Snoop Dogg drop sold out in 30 minutes, selling 996,000 NFTs for $12 million, adding that “Blockchain minting and the secondary market go live in 21 days. It’s going to be wild.” Last week, Durov shared that the 4th of July-themed Gifts also sold out within minutes, with over 800,000 collectibles selling in 10 minutes. Amid the collectibles’ launch, the rapper promoted it alongside a new track titled “Gifts” on his official Telegram Channel. He shared the link to the song’s music video and tagged Durov’s Telegram channel, saying, “time to drop it like it’s hot.” In the track, Snoop Dogg shouts out Toncoin (TON), the native token of the TON Blockchain, and Telegram. “Plug in my phone, get dressed, and then I plot my play / Critical existence, digital resistance / Shifted, gifted, and lifted / (…) / Stickers and games on Telegram, guess it’s coming soon / My privacy is not for sale,” some of the lyrics read. Notably, this isn’t the rapper’s first NFT venture, as he entered the space when the sector first gained mainstream popularity in 2021 and dropped collections in 2022 and 2023. NFT Mania Making A Comeback? On X, NFT lead at the TON blockchain, Zenith highlighted the drop’s success, as some of the supply gifts sold out in less than 2 minutes. He explained that Telegram gifts have had a peak market capitalization of over $200 million and a trading volume of $122 million since their launch. According to the post, the first OG collection, the Plush Pepe, now has a floor price of 4,200 TON, worth $11,886. “They are NFT Collectibles that are on the TON Blockchain and inside of Telegram!” he noted. To Zenith, this could be the start of a new NFT narrative, adding that they “would not be surprised if other famous brands or web3 IPs would want to launch some gifts too!” However, they pointed out that it could also mean nothing for the sector. In a recent report, DappRadar shared that Q2 data revealed new narratives are emerging, while old ones are “making a comeback.” The report claims that “NFTs are becoming more affordable, but the interest hasn’t disappeared. On the contrary, it’s shifting in nature,” a trend the platform’s analysts have been observing “for a while.” Related Reading: Solana Ready For $160 Reclaim? Analysts Say Breakout Is A Matter Of Time Notably, NFT trading volume dropped by 45% in Q2, but sales increased by 78%. Meanwhile, the number of traders increased 20% from Q1, with an average of 668,598 monthly traders. “Taken together with the spike in sales, this suggests a slow but steady return of users to the NFT space, although likely for different motivations than in previous cycles,” the report concluded. Featured Image from Unsplash.com, Chart from TradingView.com
The European Securities and Markets Authority (ESMA) has placed Malta’s cryptocurrency licensing framework under review, raising concerns about how the island nation’s financial watchdog authorizes crypto asset service providers (CASPs). The evaluation, published Thursday, centers on the conduct of Malta’s Financial Services Authority (MFSA) and its processes under the Markets in Crypto-Assets (MiCA) regulation, which officially took effect across the EU in June 2024. Scrutiny Over Authorization Standards ESMA’s Peer Review Committee (PRC) conducted a targeted assessment of MFSA’s authorization of an unnamed CASP, identifying areas where the regulator fell short. While the MFSA was found to have adequate staffing and technical infrastructure, the review noted that it only “partially met expectations” during the approval process. The European watchdog emphasized that the concerns extended beyond Malta, urging all EU national competent authorities (NCAs) to align their oversight mechanisms to ensure consistency across jurisdictions under MiCA’s unified regulatory regime. The peer review into Malta’s supervisory practices stemmed from a decision by ESMA’s Board of Supervisors (BoS) in April 2025. It followed earlier steps taken in December 2024 when the BoS and the European Banking Authority adopted a harmonized approach for overseeing CASP authorizations under MiCA. According to the ESMA report, although the review targeted one country, its intent is to foster regulatory convergence throughout the EU as MiCA implementation ramps up. The PRC analyzed three key dimensions of Malta’s crypto regulation : supervisory structure and staffing, authorization processes, and post-licensing supervisory measures. The MFSA was praised for having a sufficient level of expertise and resources to support CASP supervision. However, ESMA’s report pointed to gaps in how the agency handled material issues during the authorization stage. It recommended that MFSA improve its ability to assess unresolved or underexamined issues that could emerge after approval. Calls for Convergence Across EU Supervisors The ESMA report points out the importance of regulatory consistency, especially as new crypto businesses seek licensure under MiCA. In particular, the PRC cautioned that national regulators must adapt quickly to growing application volumes and the evolving risk profiles of CASPs. “Due to the novelty and nature of these types of entities as well as the inherent risks of their business model, the PRC recommends to all NCAs…to pay particular attention to certain aspects of the authorization,” the committee stated. While Malta has historically positioned itself as a crypto-friendly jurisdiction within the EU, the ESMA’s review illustrates the shifting expectations facing all member states. With MiCA designed to eliminate regulatory arbitrage and create a level playing field, NCAs will need to align not just their licensing processes, but also their supervisory capacity and enforcement strategies. Moving forward, regulatory coordination and transparency will likely become core benchmarks for assessing the effectiveness of national crypto oversight. Featured image created with DALL-E, Chart from TradingView
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