Cryptocurrency exchange Coinbase has spent $25 million to acquire and destroy a non-fungible token (NFT) aimed at restarting the once-popular crypto podcast UpOnly, subsequently using the NFT uniformly.
Coinbase CEO Brian Armstrong confirmed on Tuesday that "the rumors are true," stating that the company's purchase of the NFT is intended to launch a new season of the UpOnly podcast.
According to on-chain data from Arkham Intelligence, Coinbase sent 25 million USDC to a wallet controlled by podcast host and crypto KOL Jordan Fish (also known as 'Cobie').
The podcast gained widespread popularity during the 2021 bull market, interviewing several well-known crypto figures and was sponsored by the FTX exchange before its collapse.
The last episode of UpOnly was uploaded to YouTube in December 2022, shortly after the FTX crash. In May of this year, Cobie stated that he was no longer the one deciding whether UpOnly would return.
The NFT was listed on OpenSea, with a highest bid of only 4.7 Ethereum (approximately $18,500), making Coinbase's payment significantly higher than the market price.
The NFT has now become the fifth most expensive NFT in the history of the crypto industry. Cointelegraph has reached out to Coinbase for comment but has not yet received a response.
In response, Cobie stated on the X platform that it has been three years since UpOnly ended. "When the podcast started, I was still in my twenties, and now my hair is gray. We will be renamed Unc Only, and I will spend $25 million on plastic surgery. See you soon," he added.
Coinbase replied, "It's live, Unc."
UpOnly positions itself as a podcast where "entertainment comes before Alpha, but most of the time, neither is present."
Additionally, related meme coins experienced significant volatility due to the news. After the announcement, the UPONLY meme coin on Coinbase's Layer 2 network Base surged by 7900% before quickly retreating, while the COBIE meme coin also rose by 5800%, according to DEXscreener data.
At the same time, the similarly named UPONLY meme coin on the Solana chain increased by about 250%.
Crypto investor 'Rune' stated, "The UPONLY meme coin on Solana reached $50 million in 2024, but UpOnlyTV did not return. Now that Coinbase has spent $25 million to restart UpOnly, let's push the meme coin on Base to $500 million."
Related: Polygon head says he has been "questioning his loyalty to Ethereum (ETH)."
Original: “Coinbase Spends $25 Million to Revive Podcast from Last Bull Market”
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