Ethereum Launches Iconic Torch Non-Fungible Token Ahead of 10th Anniversary

Ethereum's recent peaks in price and market capitalization come at the perfect time to commemorate the network's 10-year milestone.

Before this milestone, the network launched a symbolic Non-Fungible Token torch to honor its development and global community.

Ethereum Lights Symbolic NFT Torch Before 10-Year Milestone

Ethereum has lit a powerful new symbol to mark its upcoming 10-year anniversary, a unique NFT torch representing the spirit of collaboration, decentralization, and innovation that shaped its first decade.

The Ethereum Foundation announced this initiative on Monday, July 21, in a post on its official X (Twitter) account.

According to the announcement, this Non-Fungible Token, called "The Ethereum Torch," will be transferred from wallet to wallet daily until July 30.

This digital torch is designed to honor the individuals, ideas, and values that have shaped the Ethereum ecosystem since its launch in 2015. The first torch bearer is Joseph Lubin, Ethereum co-founder and ConsenSys founder.

In the next ten days, a series of prominent community figures and builders will hold the torch for 24 hours. This is a curated parade reflecting Ethereum's global reach and collective governance.

On the final day, July 30, the Non-Fungible Token will be permanently burned, symbolizing the end of Ethereum's first chapter and the beginning of the next.

To commemorate this occasion, a new Non-Fungible Token will be released that anyone can freely and publicly create.

"A commemorative Non-Fungible Token will be available that day for anyone to create," the network stated.

This token will be a public memento of the milestone and is expected to be requested by thousands in the ecosystem. This initiative reflects Ethereum's long-standing values of inclusivity, transparency, and decentralization.

By transforming the 10-year anniversary into a collaborative digital ritual, the foundation has reaffirmed its commitment to Ethereum being a community-owned and operated platform.

The announcement sparked conversation on social media, with many praising the torch's symbolic nature.

"Ethereum finally acknowledging Non-Fungible Tokens? Interesting," one user sarcastically remarked.

Ethereum Non-Fungible Token Volume Increases 300% as Market Recovers

While Ethereum's symbolic Non-Fungible Token torch draws attention to its cultural legacy, on-chain data reveals a more specific revival in Non-Fungible Token market activity, with Ethereum leading the way.

Last week, weekly Non-Fungible Token trading volume across all blockchains exceeded $140 million, the highest in over six months. Ethereum-based projects accounted for over half of that, recording $75 million in volume and leading the broader Non-Fungible Token market recovery.

This represents a 300% surge from just two weeks prior, when Ethereum Non-Fungible Tokens saw only $18.3 million in trading volume. This increase coincides with Ethereum's recent price appreciation.

Since July 6, ETH has risen nearly 50%, from around $2,525 to $3,730. This has sparked speculative interest in digital collections, especially among long-term traders and the Non-Fungible Token community. The recovery also comes after a challenging 2024 for Non-Fungible Tokens, with overall trading activity declining 18% from the previous year.

Other blockchains also showed movement: Bitcoin-based Non-Fungible Tokens recorded $25.6 million in weekly volume, more than doubling from $11 million in early July.

However, activity on Polygon showed a slight decline. The momentum was not limited to trading numbers. On the organizational front, Cboe BZX recently filed for an ETF from Canary Capital that will hold PENGU — a token related to the original Ethereum Pudgy Penguins.

This collection ranked third in volume last week, according to CryptoSlam, only behind CryptoPunks and Bored Ape Yacht Club derivatives.

Meanwhile, Yuga Labs — long considered a giant in the Non-Fungible Token space — is repositioning. The company has sold IP from Moonbirds, CryptoPunks, and Meebits, refocusing efforts on building Otherside, its flagship metaverse experience.