Cryptocurrency exchange Coinbase spent $25 million to buy and burn a non-fungible token (NFT) designed to revive a popular cryptocurrency podcast called UpOnly.
Coinbase CEO Brian Armstrong confirmed that “the rumors are true” on Tuesday, adding that the company had purchased an NFT to bring back the UpOnly podcast for a new season.
Onchain data from Arkham Intelligence also confirmed that Coinbase sent $25 million USD to a wallet controlled by podcast host and cryptocurrency influencer Jordan Fish, also known as “Cobie.”
The original podcast was very popular during the 2021 bull market and featured interviews with prominent figures in the cryptocurrency space. It was privately sponsored by FTX before the stock market crash.
The final episode of UpOnly was uploaded to YouTube in December 2022, shortly after the FTX collapse. In May, Kobe said, “I'm no longer the decision maker on Up Only coming back.”
“Energy is now stored inside the NFT you just minted. When the NFT is burned, the podcast will restart.”
The NFT was listed on OpenSea but the highest bid was only 4.7 ETH, or about $18,500, so it appears that Coinbase may have grossly overpaid for it.
The NFT now ranks as the fifth most expensive NFTs sold in cryptocurrency history. Cointelegraph reached out to Coinbase but did not receive an immediate response.
“Unc just” Kobe jokes
“Oh man,” Kobe replied to X, noting that it had been three years since UpOnly ended. He added: “I was in my twenties when it started, and now I have gray hair. We'll rename it Unc Only and I'll spend $25 million on plastic surgery. See you soon.”
“It's time to go live for Unc,” Coinbase replied.
UpOnly describes itself as a podcast that “prioritizes entertainment before alpha but often neither.”
Related to: Related: NFT Markets Rebound After $1.2 Billion Lost in Friday's Crypto Crash
Pumping and dumping Memecoins
As the news broke, a memecoin called UPONLY on Coinbase's layer 2 network rose 7,900% before being dumped, while a COBIE memecoin on Base rose 5,800%, according to DEXscreener.
The Solana-based memecoin with the same ticker UPONLY pumped about 250% at the same time.
“UPONLY memecoin went to $50 million in 2024 on Solana, but UpOnlyTV didn't resume. Now that Coinbase spent $25 million on UpOnly's appeal, let's send the base memecoin to $500 million,” said cryptocurrency investor Rune.
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