Ethereum is celebrating its 10th anniversary – and it's doing so in style. Alongside a sharp rise in both price and market capitalization, the Ethereum Foundation has launched a unique NFT called Ethereum Torch – a digital torch symbolizing the strength of its community and the project's journey.
🎉 A Torch Passed Daily – Symbol of Unity Across the Globe
The initiative was announced on July 21 via Ethereum’s official X (formerly Twitter) account. The NFT torch is passed to a new wallet every 24 hours, symbolizing a 10-day relay leading up to July 30, the day Ethereum’s mainnet officially launched ten years ago.
Joseph Lubin, Ethereum co-founder and founder of ConsenSys, holds the torch first. Each day, the torch is handed to another key member of the community. The goal is to highlight Ethereum’s global reach and its collective spirit, which have fueled the network’s success.
🔥 Final Burn Marks the End of One Era – and the Start of Another
On July 30, the NFT torch will be burned, which the Foundation says marks the end of Ethereum’s first decade and the beginning of a new chapter. After the burn, a new NFT will be made available for free minting, serving as a public commemorative token. Anyone can mint it directly from Ethereum’s official website.
The announcement sparked lively discussions online. Many praised the torch as a powerful symbol of solidarity. The Ethereum Torch NFT is not listed on marketplaces like OpenSea, which emphasizes its meaning and community value rather than speculation or trading.
📈 The NFT Market Is Waking Up – Ethereum Leads the Charge
Meanwhile, the NFT market is showing signs of revival. On-chain data reveals that total NFT trading volume across all blockchains surpassed $110 million last week – the highest weekly figure in the past six months.
🔹 Ethereum-based projects made up $75 million of that volume, a 300% increase from just two weeks prior.
🔹 This surge coincides with a nearly 50% rise in Ethereum’s price since July 6, drawing traders and collectors back to the market.
🔹 Analysts suggest this could signal a renewed belief in digital art and collectibles, particularly those with deeper meaning.
🧊 A Tough 2024 for NFTs – But Momentum Is Returning
The year 2024 was a challenging one for NFTs, with year-over-year trading volume dropping 18%. However, the rebound varies across different blockchains:
🔹 Bitcoin-based collectibles saw weekly volume rise to $25.6 million, nearly double the $11 million recorded in early July.
🔹 Meanwhile, Polygon saw a slight decline, indicating that interest is consolidating around the strongest platforms.
🧸 Institutions Are Getting Involved: NFT-Based ETFs on the Horizon
Institutional interest is also growing. The Cboe BZX exchange filed for a new ETF with Canary Capital, which would hold PENGU tokens tied to the popular Pudgy Penguins NFT collection.
According to CoinGecko, Pudgy Penguins ranked second in trading volume among all NFT series – behind only CryptoPunks and ahead of Bored Apes.
Investor appetite is clearly heating up. One buyer recently spent $8.5 million in a single transaction to purchase 48 NFTs – a striking sign of renewed confidence in the digital collectibles space.
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