The Ethereum network has recently celebrated a decade of innovation and growth. To commemorate this milestone, a unique NFT named “The Ethereum Torch” was launched, symbolizing the strong bonds within the Ethereum community.

This special token will embark on a journey from wallet to wallet every day, ultimately culminating in its burning to introduce a new NFT that all members can mint at no cost.

Community Solidarity Highlighted by Ethereum Torch

Joseph Lubin, a key figure in the Ethereum ecosystem and head of ConsenSys, will receive the inaugural torch holder on July 21, as shared through the Ethereum Foundation’s social channels.

For 10 days, the torch will be passed among a curated list of community members. This initiative is designed to showcase Ethereum’s vast international presence and collective spirit.

0/ The Ethereum Torch is now lit.

This NFT honors those who have contributed to Ethereum’s foundations and will continue its forward momentum.

It will be passed around in the 10 days leading up to Ethereum’s ten-year commemoration. pic.twitter.com/nEIY8JOIna

— Ethereum (@ethereum) July 20, 2025

The journey of the torch is set to conclude on July 30, when the NFT will be ceremonially burned, signifying the end of one chapter and the dawn of another for the network.

Following the burn, the new version of the torch will be freely available for claim on the official Ether platform, ensuring that everyone can partake in the celebration.

NFT Market Experiences a Remarkable Resurgence

Recent on-chain analytics indicate a significant recovery in NFT sales, with total weekly transactions across all platforms surpassing the $110 million mark.

Ethereum-related projects contributed approximately $75 million to this total, illustrating a remarkable 300% increase from two weeks prior.

This surge in activity coincided with a 50% rise in ETH’s value since July 6, as collectors and enthusiasts return to the vibrant worlds of digital art and collectibles.

Experts suggest this revival could indicate a renewed optimism in the market following a challenging 2024, which saw NFT trading drop by 18% year-on-year.

Expanding Cross-Chain Dynamics and High-Profile Transactions

Other blockchain ecosystems showcased varied performance metrics. Bitcoin-based assets attracted nearly $26 million in weekly activity, doubling the figures from early July.

Meanwhile, Polygon trading experienced a minor downturn in contrast. These patterns highlight a growing interest in the NFT space, albeit with a concentrated focus on the leading networks.

Additionally, Cboe BZX has submitted a proposal for a novel ETF in collaboration with Canary Capital, aiming to include PENGU tokens affiliated with the Pudgy Penguins series.

Image sourced from Unsplash, chart via TradingView