Ethereum’s recent price and market capitalization high come just in time for the network’s 10th anniversary.

Ahead of this milestone, the network has launched a symbolic NFT (non-fungible token) torch to honor its growth and global community.

Ethereum Lights Symbolic NFT Torch Ahead of 10-Year Milestone

Ethereum has ignited a powerful new symbol to mark its upcoming 10th anniversary. It is a unique NFT torch meant to embody the ethos defined in Ethereum’s first decade.

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

According to the announcement, the NFT, dubbed “The Ethereum Torch,” will pass from wallet to wallet each day until July 30.

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

A rotating cast of prominent community figures and builders will hold the torch for 24 hours for the next ten days. This comprises a curated procession to reflect Ethereum’s global reach and shared stewardship.

On the final day, July 30, the NFT will be permanently burned, representing both the culmination of Ethereum’s first chapter and the beginning of its next.

A new NFT will be made available for anyone to mint freely and openly to commemorate the occasion.

“A commemorative NFT will be available that day for anyone to mint,” the network stated.

This token will serve as a public memento of the milestone and is expected to be claimed by thousands across the ecosystem. The initiative echoes Ethereum’s long-standing inclusivity, transparency, and decentralization values.

By turning the 10-year celebration into a collaborative digital ritual, the foundation has reiterated its commitment to keeping Ethereum a community-owned and -driven platform.

The announcement has sparked conversation across social media, with many praising the symbolic nature of the torch.

“Ethereum finally acknowledge NFTs? Interesting,” one user quipped.

The Ethereum Torch is not yet listed on the popular NFT marketplace OpenSea.

This means the Ethereum Torch is unavailable for trading at this time.

Ethereum NFT Volume Soars 300% as Market Rebounds

While Ethereum’s symbolic NFT torch draws attention to its cultural legacy, on-chain data reveals a more concrete resurgence 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. Ethereum-based projects accounted for over half of that total, registering $75 million in volume and leading the broader NFT market recovery.

This represents a 300% surge from just two weeks prior, when Ethereum NFTs saw only $18.3 million in trade volume. The uptick coincides with Ethereum’s recent price appreciation.

Since July 6, ETH has jumped nearly 50%, reigniting speculative interest in digital collectibles, particularly among long-dormant traders and NFT-native communities.

The rebound also comes after a bearish 2024 for NFTs. Last year, overall trading activity declined 18% year over year (YoY).

Other blockchains also saw movement. Bitcoin-based NFTs 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 extends beyond just trading numbers.

On the institutional front, Cboe BZX recently filed for an ETF (exchange-traded fund) from Canary Capital that would hold PENGU. The PENGU token is tied to Ethereum-native Pudgy Penguins.

The collection ranks second in CoinGecko volume per CryptoSlam, behind only CryptoPunks. It has effectively surpassed Bored Ape Yacht Club (BAYC) derivatives and Infinex Patrons.

Amid the renewed interest in NFTs, a single buyer bought 48 CryptoPunks for $8.5 million.