Coinbase CEO Brian Armstrong made waves on Tuesday when he confirmed that the change spent $25 million to amass an NFT that can restart UpOnly, a crypto podcast that went darkish three years in the past. The acquisition marks some of the 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 Might 2025, creating an uncommon problem. He minted an NFT and introduced that whoever burned it might power the podcast again for one more season. “I’m not the choice maker on if UpOnly returns,” he wrote on the time. “The ability 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 obtained no sponsorship rights or editorial management. Cobie admitted he stored 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 critically, however Coinbase proved him unsuitable.
Earlier than Coinbase stepped in, the best bid on OpenSea had reached 4.7 Ethereum, roughly $18,500. Ultimately, 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 have 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 (also called 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 through the 2021 bull market. “UpOnly” offered listeners with conversations with high merchants, challenge founders, and fund managers that mentioned market tendencies and shared their information and expertise. FTX sponsored “UpOnly,” however after its collapse in late 2022, the podcast stopped airing new episodes.
The Advantageous Print Reveals Us What’s Subsequent
The wonderful print of the NFT clearly outlines the companies and worth Coinbase will obtain from its funding. In it, the token proprietor can “power 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, along with his typical humorousness, by saying, “I am too previous 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 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 vital 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 primarily based on Solana, which noticed its worth improve by 250% as traders poured in amid the momentum.
Crypto investor Rune urged 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 sort of frenzy displays the speedy response of crypto communities to main information and reveals how meme cash have transcended to turn into a cultural occasion for merchants.
Technical Points Cloud the Announcement
The acquisition announcement got here at a clumsy time for Coinbase. The change was coping with severe technical points stemming from an Amazon Net Companies 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 robust following through the 2021 bull market, however the crypto viewers has modified, and chances are high that it has developed dramatically since then. The podcast described itself as prioritizing leisure general.
This buy may sign a guess on neighborhood improvement and model progress within the present cycle. The Coinbase change has been shedding floor to opponents as competitors will increase, and it wants a method to join with customers past simply buying and selling. A sizzling podcast could assist the change turn 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 keep their proper to roast Coinbase for the acquisition or ignore them utterly. The transfer generated speedy buzz, sparked a meme-coin frenzy, and reminded everybody that crypto’s most fascinating tales usually unfold exterior the charts. Whether or not UpOnly can recapture its unique magic stays to be seen, however Coinbase clearly believes the funding is definitely worth the gamble.
