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

Coinbase CEO Brian Armstrong made waves Tuesday when he confirmed that the change spent $25 million to amass an NFT that can relaunch 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 heralds a sea change within the crypto media area.

How the NFT problem began

Cobie threw down the gauntlet in Could 2025 and created an uncommon problem. He smashed an NFT and introduced that whoever burned it could push again the podcast for one more season. “I’ll now not be the choice maker if UpOnly returns,” he wrote on the time. “The facility is now saved on this NFT that I simply minted. When the NFT is burned, the podcast will restart.”

The NFT got here with strict restrictions. Consumers got no sponsorship rights or editorial management. Cobie admitted that he stored including zeros to the value on OpenSea till the quantity appeared too ridiculous for anybody to truly pay. He did not anticipate anybody to take him significantly, however Coinbase proved him mistaken.

Earlier than Coinbase intervened, the best bid for OpenSea had reached 4.7 Ethereum, round $18,500. In the end, Coinbase paid an enormous premium to safe the token. The transaction itself required large-scale administration cryptocurrency walletsthe place Coinbase processes the funds in a really safe method. The $25 million buy now ranks because the fifth costliest NFT sale on report.

Information is rocking the Crypto group

Armstrong informed his 1.6 million followers on X that the rumors had been true, confirming that Coinbase bought the NFT. On-chain information from Arkham Intelligence confirmed that the $25 million USDC transaction was accomplished to a pockets belonging to Jordan Fish (aka Cobie), a outstanding crypto dealer. Cobie can also be one half of the duo that co-hosts the podcast “UpOnly,” which he co-hosted with Ledger throughout the 2021 bull market. “UpOnly” supplied listeners conversations with prime merchants, venture founders and fund managers discussing market traits and sharing their information and expertise. FTX sponsored “UpOnly,” however afterward collapse On the finish of 2022, the podcast stopped airing new episodes.

The high quality print tells us what’s subsequent

The NFT’s high quality print clearly outlines the providers and worth that Coinbase will obtain from its funding. In it, the token proprietor can “pressure Cobie and Ledger Standing to carry out eight episodes of UpOnlyTV like monkeys.” The outline additionally states that Cobie and Ledger Standing “might name you an fool for buying this, or fully ignore (with none point out) of your existence throughout our eight-episode season.”

Cobie responded through social media, along with his typical humorousness, saying, “I am too outdated to make a crypto podcast, I will be right here to make Gary V look younger once more.” He then identified that it has been three years since UpOnly shut down. Cobie acknowledged on the time that he was in his twenties and that he now has grey hair. He jokingly referred to as the brand new present “Unc Solely” and mentioned he would make investments $25 million in cosmetic surgery earlier than its return.

Market Reactions and Meme Coin Frenzy

Information of the acquisition had a domino impact on different cash within the crypto market. A number of others meme cash began showing on the blockchain with the title UPONLY, creating vital worth. One Base model of UPONLY rose to 7900%, earlier than a slight value drop, whereas a COBIE token on Base rose 5800%. There was additionally a memecoin primarily based on Solana, whose worth elevated by 250% as traders flooded in amid the momentum.

Crypto investor Rune proposed sending a Base meme coin to a market cap of $500 million, arguing that Coinbase’s $25 million funding in reviving the podcast justified the hypothesis. This sort of insanity displays the rapid response of crypto communities to large information and exhibits how meme cash have grow to be a cultural occasion for merchants.

Technical issues cloud the announcement

The acquisition announcement got here at a tough time for Coinbase. The change confronted severe technical points arising from Amazon Net Companies failure. Customers reported difficulties accessing accounts and making transactions whereas Armstrong confirmed the NFT buy on social media. The timing highlighted the continued infrastructure challenges that main exchanges face whilst they make daring strikes in different areas.

How related is that this for crypto media?

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

This buy might be a guess on group growth and model development within the present cycle. The Coinbase change has been dropping floor to rivals as competitors will increase, and wishes a option to join with customers that goes past simply buying and selling. A well-liked podcast can assist make the change a part of the dialog about cryptocurrency traits and tradition.

To summarize

Coinbase’s $25 million NFT buy to reboot UpOnly exhibits 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 reserve their proper to roast Coinbase for the acquisition or ignore them totally. The transfer created rapid buzz, sparked a meme coin frenzy and reminded everybody that crypto’s most fascinating tales usually unfold off the charts. Whether or not UpOnly can recapture its unique magic stays to be seen, however Coinbase clearly believes the funding is well worth the gamble.