Ethereum Marks 10 Years With a Symbolic NFT Torch Passed Between Pioneers
The latest spike in Ethereum’s price and market capitalization coincided with the cryptocurrency’s tenth anniversary. Ethereum has honored its community and expansion by unveiling a symbolic digital torch in the shape of an NFT to commemorate this milestone. It states that through July 30, the token, known as “The Ethereum Torch,” will switch between wallets every 24 hours.
Ten days of handovers are included in that program to commemorate the network’s first ten years. The initial holder will be Joseph Lubin, a co-founder of Ethereum and the creator of ConsenSys. The torch will be passed to the following member after a 24-hour period.
Why Is Ethereum’s NFT Torch Burn More Than Just Symbolism?
The organizers selected each participant to demonstrate Ethereum’s global presence and camaraderie. Highlighting the project’s international developer community is the goal of the sequence. Ultimately, the non-fungible token will be burnt on July 30. The burning signifies the conclusion of Ethereum’s previous phase as well as the beginning of the next, according to the Foundation. This will be followed by the free minting of a new non-fungible token as a celebration token.
The NFT will serve as a reminder of Ethereum’s rise since its inception in 2015. It will be available for free on the official Ethereum website. Nonetheless, the announcement sparked internet debates, with many people applauding the symbolism of the torch.
NFTs Are Back: Ethereum-Based Collectibles Drive Massive Market Recovery
A poor 2024 for NFTs, in which trade dropped 18% from the year before, was followed by a recovery. On-chain data indicates that NFT trading has strongly recovered. NFT sales across all chains reached a weekly total of almost $110 million last week, the highest in the previous six months. A significant portion of those numbers was attributed to Ethereum-based projects. They recorded a volume of approximately $75 million, which was about 300% higher than two weeks prior.
This spike came after Ethereum’s price had increased by about 50% since July 6. This increase may indicate a resurgence of interest in digital art and collectibles, according to analysts.
For more up-to-date crypto news, you can follow Crypto Data Space.
