In an official announcement on July 21, the Ethereum Foundation introduced the “Ethereum Torch,” a unique non-fungible token (NFT) that will be passed from one wallet to another each day, culminating on the network’s birthday — July 30. The first to carry the torch is Joseph Lubin, Ethereum co-founder and founder of ConsenSys.
Over the next 10 days, the torch will be passed along to a rotating lineup of influential community members — from developers to key contributors — representing the values and shared stewardship that have defined Ethereum since 2015. This symbolic relay is more than just a ritual; it highlights Ethereum’s foundation as a global, community-led platform.
On the final day, July 30, the NFT torch will be permanently burned, signifying the end of Ethereum’s first chapter and the beginning of a new era. At the same time, a commemorative NFT will be made available for anyone to mint freely, serving as a shared memento for the milestone.
“A commemorative NFT will be available that day for anyone to mint,” stated the Ethereum Foundation.
The gesture quickly sparked attention on social media, with many praising the emotional and symbolic nature of the NFT torch. One user quipped, “Ethereum finally acknowledging NFTs? Interesting!”
Currently, the Ethereum Torch is not listed on marketplaces like OpenSea and cannot be traded.
NFT Market on Ethereum Sees Massive Recovery
Beyond its symbolism, the NFT torch reflects a real resurgence in the NFT market — especially on Ethereum. According to on-chain data, NFT trading volume on Ethereum has surged 300% in just two weeks, reaching $75 million and accounting for more than half of the $140 million in total NFT trading volume across all blockchains last week — the highest level in over six months.
The rally is closely tied to Ethereum’s recent price jump — nearly 50% since July 6 — which has reignited speculative interest in digital collectibles, especially among dormant traders and native NFT communities.
Elsewhere, Bitcoin-based NFTs also saw strong growth, with $25.6 million in weekly trading volume — more than double the $11 million in early July. Polygon, however, experienced a slight decline in activity.
On the institutional front, Cboe BZX recently filed for an ETF that would hold PENGU tokens — tied to the popular Ethereum-based Pudgy Penguins collection. According to CryptoSlam, Pudgy Penguins currently ranks second in trading volume on CoinGecko, behind only CryptoPunks, and has overtaken major projects like BAYC and Infinex derivatives.
The renewed NFT frenzy was also marked by large-scale purchases — including one buyer who acquired 48 CryptoPunks for $8.5 million.
