Coinbase makes $25 million NFT splash to revive UpOnly podcast

Coinbase, the US-based crypto exchange, reportedly spent around $25 million to buy a non-fungible token (NFT) to revive UpOnly, a once-famous crypto podcast.

This announcement sparked controversy among individuals. To address these concerns, Coinbase CEO Brian Armstrong confirmed that the “rumors” were true, arguing that the firm purchased the NFT purposefully to bring back the UpOnly podcast for a new season. 

Additionally, data from Arkham Intelligence illustrated that the crypto exchange transferred approximately $25 million in USDC to Jordan Fish’s wallet. Jordan Fish, popularly known as  “Cobie,” is the podcast host and crypto influencer.

Crypto community expresses its eagerness for the return of UpOnly

In 2021, the original podcast gained popularity due to a bull market and its interviews, consisting of prominent crypto industry figures. Sam Bankman-Fried’s FTX sponsored it at the time before the leading cryptocurrency exchange collapsed.

Following FTX’s collapse, the podcast posted its last episode on YouTube in December 2022. This led people to engage in heated debates as some projected a hopeful attitude for the return of UpOnly.

In May, Cobie decided to respond to people’s concerns. The podcast host stated that he could no longer decide whether UpOnly returns. He explained that the control was currently held within his created NFT. Therefore, according to him, the podcast will start again when this NFT is burned.

The NFT was listed on OpenSea, but the highest bid was only 4.7 ETH, roughly $18,500. Going by the range of bids, analysts suggest that Coinbase might have paid way too much for it. 

With its sale, the NFT now ranks as the fifth most expensive NFT sold in the history of cryptocurrencies. Coinbase declined to respond to requests for comments.

Regarding the intense nature of the situation, Cobie shared an X post asking, “Wow, what’s going on?” He made this comment while stating that it has been three years since UpOnly ended. “I was in my 20s when it began, and now I have grey hair. We should rename it Unc Only, and I’ll invest $25 million in cosmetic surgery. See you soon,” he added. 

Responding to his X post, Coinbase mentioned that it is time for Unc to go live.

Coinbase’s UpOnly purchase ignites UPONLY meme coin prices 

During its operation, UpOnly positioned itself as a podcast that concentrates more on entertainment than on delivering valuable information. However, after several considerations, sources concluded that the podcast often falls short in both areas. 

As of this publication, a meme coin known as UPONLY on Coinbase’s layer-2 network Base gained 7,900% before falling again. Another meme coin COBIE on Base surged by 5,800%, according to DEX Screener. 

At the same time, a Solana-based meme coin with a similar UPONLY name rose by approximately 250%.

Now that Coinbase aims to revive UpOnly, crypto investors have begun to share their new predictions on the UPONLY meme coin’s market price. 

One of those investors is “Rune,” who shared an X post pointing out that in 2024, an UPONLY meme coin hit $50 million on Solana, but UPONLYTV was not revived. Following Coinbase’s recent splurge of about $25 million to bring back the podcast, crypto investors believe that a related Base meme coin could potentially reach $500 million.

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