The Ethereum network is celebrating its 10th anniversary with a symbolic NFT. This special digital asset, named “Ethereum Torch,” was first announced on July 21st and will be transferred to a different wallet every day until July 30th. At the end of the process, the NFT will be burned, making way for a new, freely mintable celebratory NFT. The first recipient of the digital torch will be Joseph Lubin, one of Ethereum’s co-founders. The torch, which will be transferred to a different member of the Ethereum community every 24 hours, symbolizes the project’s global nature and its developer-centric user base. The Ethereum Foundation announced that the torch will eventually be burned, representing the network’s transition into a new era.
According to the official announcement made via Ethereum’s X (formerly Twitter) account, the torch will not be available for trade. This token will not be listed on NFT platforms like OpenSea and is purely for memorial and solidarity purposes. After July 30th, a new NFT will be offered, which anyone can claim for free, to commemorate this process.
300% Jump in the NFT Market
These developments, coinciding with Ethereum’s 10th anniversary, have also brought a revival in the NFT market. According to on-chain data, NFT trading volume on Ethereum has increased by approximately 300% in the last two weeks, reaching $75 million. This recovery has occurred simultaneously with the Ethereum price increasing by approximately 50% since July 6th.
Across all blockchains, the total weekly NFT sales volume exceeded $110 million, reaching its highest level in the last six months. Ethereum-based projects specifically accounted for a large portion of this volume. Bitcoin-based collections also garnered attention with $25.6 million, while Polygon experienced a slight decrease.
Institutional Interest is Surging Again
The activity in the NFT market has also rekindled institutional interest. The Cboe BZX exchange has filed for an ETF application for PENGU, the token of the popular NFT collection Pudgy Penguins. According to CoinGecko data, Pudgy Penguins ranks only behind CryptoPunks in terms of trading volume, and ahead of Bored Ape derivatives.
As a concrete example of this interest, an investor recently spent $8.5 million on 48 CryptoPunks NFTs.
Ethereum’s 10th-year celebration and this surging interest in NFTs indicate a rejuvenation of the crypto collectibles market. Experts believe these developments have renewed confidence in the Ethereum ecosystem.
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