Ethereum Ignites NFT Torch Relay to Celebrate Decade of Blockchain Dominance

Ethereum just dropped a crypto-cultural bombshell—a symbolic NFT torch lighting the way to its 10-year anniversary. Because nothing says 'decentralized future' like digital collectibles, right?

The blockchain that reinvented finance—and birthed a thousand shitcoins—is now flexing its nostalgic side. This isn't your grandma's Olympic torch relay; it's a Web3 status play wrapped in ERC-721 metadata.

Fun fact: That 'torch' probably just burned more gas fees than a small country's energy budget. But hey—when has Ethereum ever cared about efficiency when there's narrative to sell?

Ten years in, ETH's still finding new ways to make JPEGs feel revolutionary. Wall Street analysts are already pitching the torch NFT as 'the new benchmark for store-of-value assets'—because apparently bored apes weren't speculative enough.

Ethereum Lights Symbolic NFT Torch Ahead of 10-Year Milestone

Ethereum has ignited a powerful new symbol to mark its upcoming 10-year anniversary, a unique NFT torch meant to embody the ethos of collaboration, decentralization, and innovation that has defined its first decade.

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

0/ The Ethereum Torch is now lit.

The Torch is an NFT honoring the people and values that have shaped Ethereum’s first decade and will help build its future.

It will be symbolically passed from wallet to wallet in the 10 days leading up to Ethereum’s 10 year anniversary. pic.twitter.com/nEIY8JOIna

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. The ceremonial first bearer is Joseph Lubin, co-founder of Ethereum and founder of ConsenSys.

For the next ten days, a rotating cast of prominent community figures and builders will hold the torch for 24 hours. This comprises a curated procession meant 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.

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

“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 values of inclusivity, transparency, and decentralization.

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.

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%, rising from around $2,525 to $3,730. This has reignited speculative interest in digital collectibles, particularly among long-dormant traders and NFT-native communities. The rebound also comes after a bruising 2024 for NFTs, which saw an 18% year-over-year decline in overall trading activity.

Other blockchains saw movement as well: 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 from Canary Capital that would hold PENGU — a token tied to Ethereum-native Pudgy Penguins.

The collection ranked third in volume last week, per CryptoSlam, behind only CryptoPunks and Bored APE Yacht Club derivatives.

Meanwhile, Yuga Labs — long considered a titan of the NFT space — is repositioning. The company offloaded IP from Moonbirds, CryptoPunks, and Meebits, refocusing its efforts on building Otherside, its flagship metaverse experience.