Ethereum is entering its 10th birthday, and it already marks this event by creating an NFT dedicated to this day of the protocol’s existence:
The Ethereum Torch. This printed token will be sold wallet to wallet within 10 days, a show of connectedness in the world and cohesion amongst people. On Monday, July 21, the Ethereum Foundation presented this update on its official X account.
The digital torch shall be launched with Joseph Lubin, the co-founder of Ethereum, and the founder of ConsenSys. It will move between the participants after 24 hours until July 30. The recipients have been chosen to expand on the variety and magnitude of the developer community of Ethereum.
Symbolic NFT Will Be Burned After Ten-Day Relay
The Foundation says the torch NFT will burn on July 30. This action aims to end one Ethereum chapter and open a new one. After the burn, users can mint a new commemorative NFT on the official Ethereum site. This new token will be “free to grab” and commemorate Ethereum’s life story since 2015.
The NFT will not be on OpenSea or other markets. Its movement and destruction emphasise a sense of symbolic value as opposed to monetary value. Community members have hailed the gesture as an effective symbol of Ethereum’s progress and commonality.
10 years Ethereum torch on OpenSea. Source: OpenSea
NFT Market Activity on Ethereum Picks Up Speed
The latest statistics indicate that NFT trading activity in the blockchain has increased dramatically. Its sales exceeded 110 million dollars a week across all platforms, representing a six-month high. The projects on the Ethereum platform were the most dominant in the surge, adding approximately $75 million worth of volume. This is an upsurge of 300 per cent from the trading levels two weeks ago.
Ethereum is not left behind, either, as its cost has increased almost by 50 per cent since July 6. Market analysts believe that this momentum is attracting collectors and traders to digital assets once again, particularly Ethereum. The current boom is opposed to the listless beginning of 2024, in which NFT trading declined by 18 per cent relative to the previous year.
Other Chains See Mixed Results as Institutional Interest Grows
Ethereum is still a dominant chain, but the other chains have recorded mixed performances. NFTs on the Bitcoin blockchain had sales of 25.6 million per week, which is twice as much as those numbers recorded in early July. Polygon trading was lower, indicating unbalanced demand in NFTs.
NFT market data. Source: CoinGecko
In the meantime, institutional activity is on the increase. Cboe BZX submitted an ETF proposal Canary-Capital linked to the Pudgy Penguins. The collection is the second largest in volumes after CryptoPunks and above Bored Ape derivatives. In August, one purchaser paid 8.5 million dollars to acquire 48 CryptoPunks, indicating a newfound faith in the market.
