Ethereum Foundation launches torch NFT celebration
Ethereum is set to celebrate its 10th anniversary milestone on July 30. To commemorate this important moment, Ethereum announced on July 21 the launch of a meaningful commemorative event: the 'Ethereum Torch' NFT relay. This unique digital torch will be passed daily from one wallet to another over the next 10 days, symbolizing the unity and legacy of the Ethereum community.
Source: X/@ethereum To commemorate the 10th anniversary, Ethereum announced the launch of the 'Ethereum Torch' NFT relay on July 21.
According to Ethereum's official statement, this special NFT torch aims to pay tribute to the individuals, ideas, and values that have shaped the Ethereum ecosystem over the past decade. The torch will be held in turn by carefully selected community members, developers, and builders for 24 hours, showcasing Ethereum's global influence and spirit of co-governance.
The first torchbearer is Ethereum co-founder and ConsenSys founder Joseph Lubin, who symbolically ignited this digital relay event. This innovative celebration embodies the core values of inclusivity, transparency, and decentralization that Ethereum has long upheld, transforming the 10th-anniversary celebration into a collaborative digital ritual.
Taiwan's former Minister of Digital Development, Audrey Tang, takes over as the Asian representative.
Surprisingly, after Joseph Lubin held the torch for 24 hours, this symbolic NFT torch was passed to Taiwan's former Minister of Digital Development, Audrey Tang, placing Taiwan in a significant position in this global blockchain celebration. As an internationally renowned digital minister, Tang has long promoted Taiwan's digital transformation and innovative technology development, and her contributions to the blockchain and digital governance industries have gained international recognition.
Source: Ethereum Torch NFT Joseph Lubin held the torch for 24 hours before passing this symbolic NFT torch to Taiwan's former Minister of Digital Development, Audrey Tang.
Audrey Tang takes over as the torchbearer, representing Taiwan's significant position in the global blockchain ecosystem, and highlighting the Ethereum community's recognition of Taiwan's digital innovation capabilities. Taiwan has made significant progress in recent years in blockchain technology applications, digital identity verification, and decentralized governance, and Tang's participation further strengthens Taiwan's connection with the international blockchain community.
According to the event plan, Audrey Tang will hold the torch for 24 hours, after which it will be passed to the next important figure in the Ethereum community. This relay event will continue until July 30, when the NFT torch will be permanently 'burned', symbolizing the end of Ethereum's first decade and the beginning of the next phase.
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The NFT market is warming up, with Ethereum trading volume surging by 300%.
It is noteworthy that this torch NFT event coincides with a strong recovery of the Ethereum NFT market. According to CryptoSlam data, global blockchain NFT trading volume exceeded $140 million last week, reaching a new high in six months, with Ethereum-related projects accounting for more than half of the trading volume, reaching $75 million.
Source: CryptoSlam Ethereum NFT data ranks among the top across all chains.
This figure represents an astonishing growth of up to 300% compared to $18.3 million two weeks ago. This wave of NFT market recovery is closely related to Ethereum's recent price increase, with the price of Ether ($ETH) rising nearly 50% since July 6, reigniting speculative interest in digital collectibles, especially among long-dormant traders and the NFT-native community.
Trends at the institutional level are also worth noting. Cboe BZX recently submitted an ETF application for Canary Capital, which will hold $PENGU tokens related to the Ethereum-native Pudgy Penguins. Additionally, a single buyer purchased 48 CryptoPunks for $8.5 million, indicating that high-value NFT trading activity is on the rise.
Technological upgrades and future outlook
While celebrating its 10th anniversary, Ethereum is also actively preparing for its next major protocol upgrade, Fusaka, expected to launch in November. This upgrade will include 11 Ethereum Improvement Proposals (EIPs) aimed at enhancing network efficiency and scalability, including key proposals like EIP-7825, designed to make the network more resilient against malicious attacks and improve scalability capabilities.
The final climax of the torch NFT event will arrive on July 30, when this symbolic NFT will be permanently burned, simultaneously releasing a commemorative token for anyone to mint for free. This design cleverly combines scarcity and inclusivity, maintaining the uniqueness of the torch relay while allowing the entire community to participate in commemorating this historic moment.
As Ethereum enters its second decade, it has established an unshakeable leadership position from a technological platform perspective. As industry experts point out, blockchain platforms follow a 'winner takes all' model, and Ethereum's dominance in the smart contract ecosystem, coupled with the successful development of the Layer2 ecosystem, solidifies its position against competitors.
'Ethereum Genesis 10th Anniversary! The NFT torch is passed globally, with Taiwan's baton held by Audrey Tang.' This article was first published in 'Crypto City.'
