Ethereum has turned ten—and it’s celebrating not just with price surges, but with symbolism.
To mark its 10-year anniversary, the Ethereum Foundation has launched a symbolic non-fungible token (NFT) called “The Ethereum Torch.” The initiative pays homage to the platform’s community-driven ethos and technological journey, reinforcing its global influence in the blockchain space.
A Decade of Decentralization Honored Through a Moving NFT
The Ethereum Foundation unveiled the commemorative NFT on Monday, July 21, via its official X (formerly Twitter) account. The token, dubbed The Ethereum Torch, is being passed from one wallet to another each day from July 21 through July 30—a symbolic relay to honor the contributors who have shaped Ethereum’s first decade.
“The Ethereum Torch is now lit,” the Foundation wrote. “It honors the people and values that have shaped Ethereum’s first decade and will help build its future.”
The first holder of the torch is Joseph Lubin, Ethereum co-founder and founder of blockchain software firm ConsenSys. Each day, the torch will move to another chosen member of the Ethereum community. The curated list of participants reflects Ethereum’s international developer network and emphasizes its decentralized identity.
On July 30—the official anniversary of Ethereum’s launch—the NFT torch will be burned in a ceremonial gesture meant to mark the end of one era and the beginning of another. Following that, a new NFT will be made freely claimable on Ethereum’s official website as a token of celebration and remembrance for the network’s growth since 2015.
Symbolism Over Speculation: A Different Kind of NFT
Unlike typical NFTs that flood marketplaces like OpenSea, The Ethereum Torch is deliberately not listed for sale or trade. By keeping the token untradeable, the Foundation aims to place value on symbolism and sentiment rather than speculation.
The community has responded positively, with many praising the initiative’s thoughtful messaging. “This is about culture, not commerce,” one developer commented on X, echoing a broader sentiment across the crypto space.
NFT Market Sees a Comeback—Led by Ethereum
The commemorative torch launch coincides with a notable resurgence in the NFT market, particularly on Ethereum. On-chain data from the past week shows that total NFT sales across all blockchains topped $110 million—the highest weekly figure in over six months.
Ethereum-based projects were the main drivers of this growth, accounting for approximately $75 million in trading volume, representing a 300% increase from just two weeks earlier. Analysts attribute this momentum to a broader upswing in Ethereum’s price, which has risen nearly 50% since July 6.
The rebound is especially significant following a challenging 2024, during which NFT trading volume fell by 18% year-on-year. While interest remains strongest on Ethereum, other blockchains are also showing signs of life. Bitcoin-based NFTs, for instance, reached $25.6 million in weekly volume—more than double early July’s $11 million.
In contrast, Polygon, another Ethereum-compatible chain, experienced a slight dip in activity. The shift highlights that while NFT interest is spreading, the core of the market still revolves around dominant networks like Ethereum and Bitcoin.
Institutional Interest Picks Up Steam
In another sign of market maturity, financial firms are showing renewed interest in NFT-linked investment products. The Cboe BZX Exchange has filed for an exchange-traded fund (ETF) in partnership with Canary Capital, aiming to track the performance of PENGU tokens—assets tied to the popular Pudgy Penguins collection.
According to CoinGecko, Pudgy Penguins now ranks second in overall volume, trailing only CryptoPunks and surpassing Bored Ape Yacht Club derivatives.
Adding to the bullish sentiment, a single buyer recently made headlines by spending $8.5 million to acquire 48 CryptoPunks in one transaction—a move viewed by many as a renewed vote of confidence in the long-term value of blue-chip NFTs.
Looking Forward: Ethereum’s Next Chapter
As Ethereum enters its second decade, the torch initiative encapsulates more than just nostalgia. It reflects the platform’s enduring values of decentralization, innovation, and global collaboration.
With market sentiment improving, institutional interest growing, and a maturing NFT ecosystem, Ethereum’s next chapter may be even more influential than its first. And if the symbolic torch is any indication, the community is ready to carry that legacy forward.
