The launch of the Ethereum 10th Anniversary NFT "Torch" relay has triggered a 300% increase in NFT volume.

As Ethereum approaches the 10th anniversary of its network launch, the official commemorative NFT "Ethereum Torch" has been released, symbolically passed within the community daily, and will ultimately be destroyed on July 30 to commemorate the past decade and usher in a new chapter. At the same time, the on-chain NFT trading volume on Ethereum has significantly rebounded, rising by 300% within 7 days, as the market is regaining its enthusiasm for digital collectibles.

Ethereum releases commemorative NFT torch to celebrate the network's tenth anniversary To commemorate the tenth anniversary of the Ethereum network, the Ethereum Foundation officially launched a symbolic NFT relay event on July 21. The NFT is called "The Ethereum Torch" and aims to embody the community spirit and the achievements of a decade of development.

This NFT will be held in rotation by different community representatives every day for the next ten days, with the first holder being Ethereum co-founder Joseph Lubin. This move not only represents the community's tribute to early contributors but also symbolizes the idea of global participation and governance.

The torch will be permanently destroyed on the anniversary of the network's establishment on July 30, symbolizing the end of the first decade of Ethereum and the beginning of a new decade. At that time, a brand new commemorative NFT will also be available for global users to mint freely, serving as a public commemoration of this digital ceremony.

The event quickly sparked discussions on social media, with many users praising its symbolic significance: "Has Ethereum finally acknowledged the NFT culture?"

Currently, the Ethereum torch has not yet launched on mainstream NFT platforms such as OpenSea and cannot be traded, emphasizing its non-commercial nature and commemorative significance.

Ethereum NFT market strongly rebounds, volume big pump 300% In addition to the cultural commemorative aspect, the on-chain NFT trading data on Ethereum also shows strong performance. In the past week, the total trading volume of all blockchain NFTs exceeded $140 million, reaching a new high in nearly six months, with Ethereum projects contributing over $75 million, dominating the market.

This trading volume has increased by nearly 300% compared to two weeks ago's $18.3 million. The surge in trading volume coincides with the price of Ether rising nearly 50% since July 6, once again attracting long-silent NFT traders and communities back.

At the same time, the on-chain NFT volume for Bitcoin rose from 11 million USD to 25.6 million USD, more than doubling; Polygon saw a slight decline.

In addition, the recovery of the NFT market has also attracted the attention of institutions. Cboe BZX Exchange submitted an application to the SEC to launch an ETF issued by Canary Capital, anchored to the Pudgy Penguins (PENGU) collectibles in the Ethereum ecosystem. This series ranks second in trading volume on CoinGecko, only behind CryptoPunks, and has surpassed BAYC derivatives.

The NFT craze has also brought about large transactions, with one buyer purchasing 48 CryptoPunks in a single transaction, worth 8.5 million dollars.

Conclusion As the Ethereum 10th anniversary celebration kicks off, the NFT market is also warming up, injecting new vitality into the Ethereum ecosystem. From the symbolic significance of commemorative NFTs to the resurgence of market transactions, Ethereum continues to demonstrate its core position in the crypto industry, deserving continued attention from investors.