Ethereum’s recent highs in price and market capitalization are now in time for the network’s 10th anniversary.
Ahead of this milestone, the network launched a symbolic NFT (impossible token) torch to celebrate its growth and global community.
The iconic NFT torch ahead of the 10-year milestone of Ethereum Light
Ethereum has set ignited a powerful new symbol to commemorate the upcoming 10th anniversary, a unique NFT torch that embodies the spirit of collaboration, decentralization and innovation that defined the first decade.
The Ethereum Foundation announced its initiative on early July 21st in a post on its official X (Twitter) account.
According to the announcement, the NFT, known as the “Ethereum Torch,” will be handed over from the wallet to the wallet every day until July 30th.
Digital Torches have been designed to celebrate the individuals, ideas and values that have shaped the Ethereum ecosystem since its launch in 2015. The ritual first bearer is Joseph Rubin, co-founder of Ethereum and founder of Consensy.
Ethereum ntf Torch. Source: ethereum.org
For the next 10 days, a rotating cast of famous community figures and builders will hold the torch for 24 hours. It consists of curated matrices aimed at reflecting Ethereum’s global reach and shared stewardship.
On the last day of July 30th, the NFT will burn forever, representing both the vertex of the first chapter of Ethereum and the beginning of the next chapter.
To commemorate this occasion, new NFTs will be available for everyone to dye freely and openly.
“On that day, the commemorative NFT will be available for anyone to build,” the network said.
The token will serve as a public memorial for the milestone and is expected to be claimed by thousands of people across the ecosystem. This initiative echoes the longstanding value of Ethereum’s inclusiveness, transparency and decentralization.
By turning the decade celebration into a collaborative digital ritual, the foundation reiterated its commitment to keep Ethereum a community-owned and driven platform.
The announcement sparked conversations across social media, with many celebrating the iconic nature of the torch.
“Does Ethereum ultimately accept NFTS? Interesting,” one user said.
Ethereum NFT volume rises 300% as market rebound
While Ethereum’s iconic NFT torches draw attention to its cultural heritage, on-chain data reveals a more specific revival in NFT market activity, with Ethereum at the helm.
Last week, weekly NFT trading volume across all blockchains exceeded $140 million, the highest in over six months. The Ethereum-based project accounted for more than half of its total, recording a volume of $75 million, leading the recovery in the broader NFT market.
This represents a 300% surge two weeks ago when Ethereum NFTS saw only $18.3 million in trade. The rise coincides with Ethereum’s recent price rise.
Since July 6th, ETH has risen by almost 50%, rising from around $2,525 to $3,730. This has rekindled speculative interest in digital collectibles, especially among long-term traders and NFT native communities. The rebound also came after the NFTS’ 2024 bruises. This reduced overall trading activity by 18% year-on-year.
Other blockchains also saw the movement. Bitcoin-based NFTS recorded $25.6 million in a week, more than doubled from $11 million in early July.
However, activity on polygons showed a slight reduction. The momentum is expanding beyond just the number of deals. In terms of facilities, Cboe BZX recently applied for an ETF from the Canary capital that holds Pengui.
The collection ranked third in volume last week for each cryptoslam.
Meanwhile, Yuga Labs (long considered the Titan of the NFT space) is being relocated. The company offloaded IPs from Moonbirds, Cryptopunks and Meebits, working on building others, refocusing its flagship metaverse experience.