Coinbase Drops $25M to Bring Back UpOnly Podcast Through NFT Purchase

Coinbase CEO Brian Armstrong made waves on Tuesday when he confirmed that the trade spent $25 million to accumulate 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 alerts 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 one more season. “I’m not the choice maker on if UpOnly returns,” he wrote on the time. “The facility is now saved inside this NFT that I simply 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 worth on OpenSea till the quantity appeared too ridiculous for anybody to really pay. He did not count on anybody to take him significantly, however Coinbase proved him improper.

Earlier than Coinbase stepped in, the 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 informed his 1.6 Million Followers on X that the rumors had been true, confirming that Coinbase did buy the NFT. On-chain knowledge from Arkham Intelligence confirmed that the $25 million USDC transaction was accomplished to a pockets belonging to Jordan Fish (often known as Cobie), a distinguished crypto dealer. Cobie can 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, undertaking founders, and fund managers that mentioned market tendencies and shared their data and expertise. FTX sponsored “UpOnly,” however after its collapse in late 2022, the podcast stopped airing new episodes.

The Superb Print Reveals Us What’s Subsequent

The superb print of the NFT clearly outlines the providers and worth Coinbase will obtain from its funding. In it, the token proprietor can “pressure Cobie and Ledger Standing to carry out, as monkeys, eight episodes of UpOnlyTV.” The outline additionally states that Cobie and Ledger Standing are allowed to “name you an fool for buying this or completely ignore you (with zero point out) of your existence all through our 8-episode season.”

Cobie responded by way of social media, together with his typical humorousness, by saying, “I am too outdated to do a crypto podcast, I will be out right here making Gary V look younger once more.” 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 Solely” and stated 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 coins started showing on the blockchain with the UPONLY identify, creating vital worth. One Base model of UPONLY jumped as excessive as 7900%, earlier than a slight worth lower, whereas a COBIE token on Base elevated 5800%. There was additionally a memecoin based mostly on Solana, which noticed its worth enhance by 250% as traders poured in amid the momentum.

Crypto investor Rune steered 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 fast response of crypto communities to main information and exhibits how meme cash have transcended to develop into a cultural occasion for merchants.

Technical Points Cloud the Announcement

The acquisition announcement got here at an ungainly time for Coinbase. The trade was coping with critical technical points stemming from an Amazon Internet Providers outage. Customers reported difficulties accessing accounts and executing trades whereas Armstrong was confirming the NFT buy on social media. The timing highlighted the continuing infrastructure challenges that main exchanges face whilst they make daring strikes in different areas.

How Related Is This To Crypto Media?

Coinbase’s resolution to spend $25 million bringing again a podcast raises questions on its media technique. UpOnly developed a robust following in the course of the 2021 bull market, however the crypto viewers has modified, and likelihood is that it has advanced dramatically since then. The podcast described itself as prioritizing leisure total. 

This buy may sign a guess on neighborhood improvement and model development within the present cycle. The Coinbase trade has been shedding floor to opponents as competitors will increase, and it wants a option to join with customers past simply buying and selling. A scorching podcast might assist the trade develop into a part of the dialog about cryptocurrency tendencies 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 neighborhood engagement. The deal introduced Cobie and Ledger again for eight episodes, although the hosts preserve their proper to roast Coinbase for the acquisition or ignore them utterly. The transfer generated fast buzz, sparked a meme-coin frenzy, and reminded everybody that crypto’s most fascinating tales typically unfold exterior the charts. Whether or not UpOnly can recapture its authentic magic stays to be seen, however Coinbase clearly believes the funding is well worth the gamble.