Ethereum launched a symbolic NFT torch to celebrate 10 years, transferring it wallet to wallet for 10 days until July 30.
NFT market activity on Ethereum surged 300 percent, reaching $75 million in volume, marking a strong market recovery.
A single buyer spent $8.5 million on 48 CryptoPunks, signaling increased institutional interest in high-value digital collectibles.
Ethereum is marking its 10th anniversary by launching a commemorative non-fungible token named “The Ethereum Torch.” The initiative, led by the Ethereum Foundation, began on July 21 with co-founder Joseph Lubin receiving the torch as its first holder. Each day, the NFT is passed from one wallet to another until July 30, highlighting Ethereum's global developer community.
The commemorative NFT will not trade on the exchange sites such as OpenSea. It is rather the community representation. The token will permanently be burned on July 30. Such a move is the representation of the end of the first stage of Ethereum and the start of the next one. After the burn, a new NFT will be possible to freely mint using the official Ethereum platform.
NFT Trading Shows Tremendous Recovery
The recent statistics reveal that there was a steep rise in NFT transactions on Ethereum. The volume of NFT trading on the Ethereum increased by almost 300% over the last fortnight, reaching a sum of 75 million. This surge is after several months of lethargic action, and it is taking place as the price of Ethereum has shot up by almost 50% in the last couple of months, starting in the early part of July.
https://twitter.com/ethereum/status/1947041455614332934
Institutional confidence appears to be growing in the NFT space. One buyer recently spent $8.5 million to purchase 48 CryptoPunks, which continue to rank among the most valuable NFT collections. This transaction underscores renewed demand and increased attention on legacy NFT projects.
Marketwide NFT Sales Hit Highest in Six Months
The broader NFT market also showed signs of growth. Total sales across all blockchains reached $110 million over the past week, the highest recorded in the last six months. Bitcoin-based collectibles accounted for $25.6 million, while Polygon activity slightly declined. Ethereum remains the most active network in the NFT space.
In a separate development, Cboe BZX filed for an exchange-traded fund in collaboration with Canary Capital. The proposed fund will hold PENGU tokens tied to the Pudgy Penguins collection. According to data from CoinGecko, Pudgy Penguins currently rank second in trading volume, following CryptoPunks and ahead of Bored Ape derivatives.
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