Ethereum News Today: Ethereum Celebrates 10th Anniversary with NFT Torch Launch, Price Surges 50%

Ethereum, the world's second-largest blockchain network by market capitalization, celebrated its 10th anniversary with the launch of a symbolic NFT torch. The Ethereum Foundation announced the initiative on its X account, revealing that the NFT, named "The Ethereum Torch," would be passed from one wallet to another every 24 hours from July 21 to July 30. The torch is designed to honor the community and values that have shaped Ethereum's first decade and to build its future.

The torch will be handed over to different participants, starting with Joseph Lubin, a co-founder of Ethereum and founder of ConsenSys. The sequence of handovers is meant to highlight the project’s global community of developers and its worldwide reach. The torch will eventually be burned on July 30, marking the end of Ethereum’s previous phase and the start of the next. After the burning, a new non-fungible token will become available for minting freely as a token of celebration.

The Ethereum Torch NFT is not listed on OpenSea, so it cannot be bought or sold on that platform. This limited availability keeps the focus on the project’s message rather than on trading. It also reinforces the idea that the token’s value lies in what it represents for the network’s users and builders. The announcement gave rise to discussions online, with many users praising the torch’s symbolism.

The Ethereum NFT market is showing signs of life again. On-chain figures show a strong rebound in NFT trading. Projects built on Ethereum made up a sizeable chunk of that figure. This surge coincided with a nearly 50 percent rise in Ethereum’s price since July 6, which has drawn in collectors and traders back to the market. Analysts say this spike could signal a renewed confidence in digital art and collectibles.

The rebound follows a weak 2024 for NFTs, when trading fell 18 percent from the previous year. Other chains saw mixed results. Bitcoin-based digital collectibles reached $25.6 million in weekly volume, almost double the $11 million seen in early July. Meanwhile, trading on Polygon dipped slightly. These shifts suggest interest in NFTs is spreading but remains centered on the biggest players.

On the institutional side, Cboe BZX has filed for a new exchange-traded fund with Canary Capital that would hold PENGU tokens tied to the Pudgy Penguins collection. According to CoinGecko data, Pudgy Penguins rank second in volume among all NFT series, trailing only CryptoPunks and outpacing Bored Ape Yacht Club derivatives. In a sign of renewed demand, one buyer spent $8.5 million to purchase 48 CryptoPunks in a single transaction.