Ethereum’s recent prices and market capitalization will be 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 fire to a powerful new symbol to commemorate its upcoming 10th anniversary. This is a unique NFT torch for embodying the spirit defined in the first decade of Ethereum.
The Ethereum Foundation announced its initiative on Monday, 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. Joseph Lubin, co-founder of Ethereum and founder of Consensy, is the ritual first bearer.
Rotating cast of prominent community figures and builders will hold a torch for 24 hours for the next 10 days. It consists of curated matrices to reflect 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.
The new NFT will allow anyone to mint freely and openly to commemorate the opportunity.
“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 Ethereum’s longstanding inclusiveness, transparency and decentralization values.
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 Torch is not yet listed in the popular NFT Marketplace Opensea.
This means that Ethereum torches are not available for trading at this time.
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 6, ETH has grown nearly 50%, dominating speculative interest in digital collectibles, especially among long-term traders and NFT native communities.
The rebound will also come after NFTS bearish 2024. Last year, overall trading activity fell 18% year-on-year (Yoy).
Other blockchains also saw the movement. Bitcoin-based NFTS recorded $205.6 million in the 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.
Within the facility, Cboe BZX recently applied for an ETF (Exchange Sales Fund) from the Canary capital that holds the pen. The Pengu token is tied to a stubborn Ethereum native penguin.
This collection ranks second in Coingecko volumes per Cryptoslam, following only Cryptotopunks. It effectively outperforms the boring APE Yacht Club (BAYC) derivatives and Infinex patrons.
Amidst renewed interest in NFTS, one buyer bought 48 crypto plants for $8.5 million.
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