Ethereum has launched a commemorative NFT torch relay to celebrate its 10-year milestone, symbolizing the network’s enduring community spirit. The interactive event encourages participants to pass a digital torch before culminating in a final commemorative NFT mint.
The blockchain’s NFT market experienced a dramatic 300% trading volume surge over two weeks, reaching $75 million in weekly transactions. This accounted for over half of the total $140 million NFT market volume across all blockchains.
Simultaneously, Ethereum’s native token ETH rallied nearly 50% from early July levels, climbing from approximately $2,525 to over $3,730. Analysts attribute renewed NFT interest partially to this significant price appreciation.
The market rebound extended beyond Ethereum, with Bitcoin-based NFTs doubling their weekly volume to $25.6 million and Polygon recording notable gains. In parallel, Yuga Labs announced strategic shifts to focus resources on its metaverse platform Otherside, divesting intellectual property rights for its Moonbirds, CryptoPunks, and Meebits collections.