Coinbase CEO Brian Armstrong made waves on Tuesday when he confirmed that the alternate spent $25 million to amass an NFT that may restart UpOnly, a crypto podcast that went darkish three years in the past. The acquisition marks probably the most costly NFT transactions in historical past and indicators a significant play within the crypto media area.
How the NFT Problem Began
Cobie threw down the gauntlet in Could 2025, creating an uncommon problem. He minted an NFT and introduced that whoever burned it could pressure the podcast again for an additional season. “I am no longer the decision maker on if UpOnly returns,” he wrote on the time. “The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart.”
The NFT got here with tight restrictions. Patrons acquired no sponsorship rights or editorial management. Cobie admitted he saved including zeros to the value on OpenSea till the quantity appeared too ridiculous for anybody to really pay. He did not anticipate anybody to take him severely, however Coinbase proved him fallacious.
Earlier than Coinbase stepped in, the very best bid on OpenSea had reached 4.7 Ethereum, roughly $18,500. In the long run, Coinbase paid an enormous premium to safe the token. The transaction itself required managing large-scale cryptocurrency wallets, with Coinbase dealing with the funds in a extremely safe method. The $25 million buy now ranks because the fifth-most costly NFT sale ever recorded.
Information Rocks the Crypto Neighborhood
Armstrong advised his 1.6 Million Followers on X that the rumors have been true, confirming that Coinbase did buy the NFT. On-chain information from Arkham Intelligence confirmed that the $25 million USDC transaction was accomplished to a pockets belonging to Jordan Fish (also referred to as Cobie), a outstanding crypto dealer. Cobie can also be one half of the duo that co-hosts the podcast “UpOnly”, which he hosted together with Ledger in the course of the 2021 bull market. “UpOnly” supplied listeners with conversations with high merchants, challenge founders, and fund managers that mentioned market traits and shared their data and expertise. FTX sponsored “UpOnly,” however after its collapse in late 2022, the podcast stopped airing new episodes.
The Tremendous Print Exhibits Us What’s Subsequent
The tremendous print of the NFT clearly outlines the companies and worth Coinbase will obtain from its funding. In it, the token proprietor can “force Cobie and Ledger Status to perform, as monkeys, eight episodes of UpOnlyTV.” The outline additionally states that Cobie and Ledger Standing are allowed to “call you an idiot for purchasing this or totally ignore you (with zero mention) of your existence throughout our 8-episode season.”
Cobie responded by way of social media, together with his typical humorousness, by saying, “I’m too old to do a crypto podcast, I’ll be out here making Gary V look young again.” He then identified that it has been 3 years since UpOnly concluded. On the time, Cobie acknowledged he was in his 20s and that now he has grey hair. He jokingly referenced the brand new present as “Unc Only” and mentioned he would make investments $25 million in cosmetic surgery earlier than the return.
Market Reactions and Meme Coin Frenzy
The information of the acquisition had a domino impact on different cash within the crypto market. A number of different meme cash started showing on the blockchain with the UPONLY identify, creating important worth. One Base model of UPONLY jumped as excessive as 7900%, earlier than a slight value lower, whereas a COBIE token on Base elevated 5800%. There was additionally a memecoin based mostly on Solana, which noticed its worth improve by 250% as buyers poured in amid the momentum.
Crypto investor Rune recommended sending a Base meme coin to a $500 million market cap, arguing that Coinbase’s $25 million funding in reviving the podcast justified the hypothesis. This type of frenzy displays the quick response of crypto communities to main information and exhibits how meme cash have transcended to grow to be a cultural occasion for merchants.
Technical Points Cloud the Announcement
The acquisition announcement got here at an ungainly time for Coinbase. The alternate was coping with critical technical points stemming from an Amazon Net Providers outage. Customers reported difficulties accessing accounts and executing trades whereas Armstrong was confirming the NFT buy on social media. The timing highlighted the continued infrastructure challenges that main exchanges face at the same time as they make daring strikes in different areas.
How Related Is This To Crypto Media?
Coinbase’s choice to spend $25 million bringing again a podcast raises questions on its media technique. UpOnly developed a powerful following in the course of the 2021 bull market, however the crypto viewers has modified, and likelihood is that it has developed dramatically since then. The podcast described itself as prioritizing leisure general.Â
This buy might sign a guess on group growth and model progress within the present cycle. The Coinbase alternate has been dropping floor to rivals as competitors will increase, and it wants a approach to join with customers past simply buying and selling. A scorching podcast could assist the alternate grow to be a part of the dialog about cryptocurrency traits and tradition.
To Sum Up
Coinbase’s $25 million NFT buy to restart UpOnly demonstrates how a lot worth main gamers see in crypto media and group engagement. The deal introduced Cobie and Ledger again for eight episodes, although the hosts keep their proper to roast Coinbase for the acquisition or ignore them fully. The transfer generated quick buzz, sparked a meme-coin frenzy, and reminded everybody that crypto’s most fascinating tales usually unfold outdoors the charts. Whether or not UpOnly can recapture its authentic magic stays to be seen, however Coinbase clearly believes the funding is definitely worth the gamble.
