The recent highlights of Ethereum in price and market capitalization come just in time for the 10 -year anniversary of the network.
In anticipation of this milestone, the network has launched a symbolic NFT fever (non-fungal token) to honor its growth and global community.
Ethereum Lights Symbolic NFT Torch for 10-year milestone
Ethereum has inflamed a powerful new symbol on the occasion of the next 10-year anniversary, a unique NFT torch intended to embody the ethos of collaboration, decentralization and innovation that has defined its first decade.
The Ethereum Foundation announced the initiative in a message about its official X (Twitter) account on the beginning of July 21.
According to the announcement, the NFT, called “The Ethereum Torch”, will go from wallet to wallet to wallet every day to 30 July.
The digital torch is designed to honor the individuals, ideas and values that have formed the Ethereum ecosystem since the 2015 launch. The ceremonial first carrier is Joseph Lubin, co-founder of Ethereum and founder of Consensys.
Ethereum NTF Torch. Source: Ethereum.org
In the next ten days, a rotating cast of prominent community figures and builders will hold the torch for 24 hours. This includes a composite procession that is intended to display the global reach of Ethereum and shared stewardship.
On the last day, July 30, the NFT will be burned permanently, which represents both the highlight of the first chapter of Ethereum and the beginning of the following.
To commemorate the opportunity, a new NFT will be made available to everyone for free and openly mint.
“A commemorative NFT will be available that day for everyone to mint,” the network explained.
This token will serve as a public reminder of the milestone and is expected to be claimed by thousands in the entire ecosystem. The initiative reflects the long -term values of Ethereum of inclusiveness, transparency and decentralization.
By turning the 10-year celebration into a collaborative digital ritual, the foundation has repeated its dedication to hold Ethereum a community possession.
The announcement has led to a conversation on social media, with many who praise the symbolic nature of torch.
“Ethereum finally recognizes NFTs? Interesting,” a user joked.
Ethereum NFT -Volume rises 300% as Marktebounds
While the symbolic NFT torch of Ethereum draws attention to its cultural legacy, data on chains reveal a more concrete revival in NFT market activity, with Ethereum at the helm.
Last week NFT trading volume in all block chains $ 140 million, the highest in more than six months. Ethereum-based projects accounted for more than half of that total, recorded $ 75 million in volume and led the wider NFT market recovery.
This represents an increase of 300% of just two weeks earlier, when Ethereum NFTS saw only $ 18.3 million in trade volume. The increase coincides with the recent price rating of Ethereum.
Since July 6, ETH has risen by almost 50%, risen from around $ 2,525 to $ 3,730. This has repaired a speculative interest in digital collective objects, in particular among long-floating traders and NFT-Native Communities. The rebound also comes after a bruising 2024 for NFTs, which saw a decrease in the total trading activities of 18% on an annual basis.
Other block chains also saw movement: Bitcoin-based NFTs registered $ 25.6 million in weekly volume, more than doubled from $ 11 million at the beginning of July.
However, activity on Polygoon showed a slight decline. The momentum extends beyond trade numbers. On the institutional front, CBOE BZX recently submitted an ETF to Canary Capital that would contain Pengu-a token tied to Ethereum-Native Pudgy Penguins.
The collection was in third place last week in volume, according to CryptoSlam, behind only cryptopunks and bored Aapjachtclubderivaten.
In the meantime, Yuga Labs has been – long considered a titan of the NFT room – repositioning. The company loaded IP from Moonbirds, Cryptopunks and Meebits, and has its efforts aimed at building otherside, the flagship metaille experience.