Coinbase, the crypto exchange, has invested $25 million to acquire and burn a non-fungible token (NFT) aimed at reviving the once-popular crypto podcast, UpOnly.
On Tuesday, Coinbase CEO Brian Armstrong confirmed that the “rumors are true,” stating that the purchase of the NFT is meant to bring back the UpOnly podcast for a new season.
Onchain data from Arkham Intelligence also confirmed that Coinbase transferred $25 million USDC to a wallet managed by podcast host and crypto influencer Jordan Fish, known as “Cobie.”
The original UpOnly podcast gained popularity during the 2021 bull market, featuring interviews with influential figures in the crypto space. It was notably sponsored by FTX prior to the exchange’s collapse.
The last episode of UpOnly was uploaded to YouTube in December 2022, soon after FTX’s downfall. In May, Cobie stated, “I am no longer the decision maker on if UpOnly returns.”
“The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart.”
The NFT was listed on OpenSea, yet the highest bid was merely 4.7 ETH, approximately $18,500, indicating that Coinbase may have significantly overpaid for it.
This transaction now ranks as the fifth most expensive NFTs sold in crypto history. Cointelegraph reached out to Coinbase but did not receive an immediate reply.
‘Unc Only’ jokes Cobie
“Ah man wtf,” Cobie responded on X, expressing that it has been three years since UpOnly ended. “I was in my 20s when it started, now I have grey hair. We will rename it Unc Only and I will spend $25m on cosmetic surgery. See ya soon,” he quipped.
“Time to go live Unc,” Coinbase responded.
UpOnly describes itself as a podcast “prioritizing entertainment over alpha, yet often providing neither.”
Related: Related: NFT markets rebound after $1.2B wipeout in Friday’s crypto crash
Memecoins pump and dump
Following the announcement, a memecoin named UPONLY on the Coinbase layer-2 network Base surged by 7,900% before subsequently dropping, while the COBIE memecoin on Base skyrocketed by 5,800%, according to DEX Screener.
A Solana-based memecoin with the same UPONLY ticker also saw a 250% increase during the same period.
“An UPONLY memecoin surged to $50M in 2024 on Solana, but UpOnlyTV wasn’t resumed. Now that Coinbase invested $25M in resuming UpOnly, let’s push a Base memecoin to $500M,” remarked crypto investor “Rune.”
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