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As Ethereum marks its tenth year since launch, the blockchain ecosystem is experiencing a revival in non-fungible token (NFT) activity.
Key developments include the launch of a symbolic NFT initiative by Ethereum and a market-wide rally led by flagship collections like CryptoPunks.
Ethereum’s “Torch” NFT and community activation
To commemorate its tenth year, Ethereum introduced “The Ethereum Torch,” a narrative NFT passed between community leaders over ten days, ending with a symbolic burn on July 30th.
“The Torch is an NFT honoring the people and values that have shaped Ethereum’s first decade and will help build its future,” stated Ethereum in a post on X on July 20.
A free commemorative NFT will be available to all users on July 30th.
The launch, along with the lead-up to Ethereum’s tenth anniversary, drove a 68% increase in NFT trading volume on the network.
According to CryptoSlam data, weekly NFT trading volume increased from $74 million to $125 million, while ETH’s price rose by nearly 15% during the same period, according to CoinMarketCap.
Ethereum-based NFT collections and tokens see renewed investor activity
Ethereum’s rising price has reignited interest in top-tier NFT collections.
CryptoPunks led the rally, with a $22 million sales volume, +467% over the 7 days, and a floor price of 47.2 ETH.
Pudgy Penguins and Moonbirds also saw strong gains, with Pudgy Penguins up 6% and Moonbirds experiencing a massive 959% increase in sales volume over the past week.
At the same time, NFT-linked ERC-20 tokens such as PENGU and APE have gained momentum. PENGU surged 29.87% over seven days, hitting a $2.7 billion market cap, while APE increased by 7.61% during the same period, reaching a market cap of $534.53 million.
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