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Coinbase paid $25 million to acquire and burn an NFT that controls the UpOnly crypto podcast, reviving the show after nearly three years of dormancy. CEO Brian Armstrong confirmed the purchase on Tuesday following on-chain data from Arkham Intelligence showing a $25 million USDC transfer to Jordan ‘Cobie’ Fish’s wallet. The NFT, which Cobie minted in May with instructions to burn it to restart the podcast, had a top bid of just $18,500 on OpenSea before Coinbase’s acquisition.
The UpOnly crypto podcast, once a leading platform for traders, developers, and influencers, was a defining voice of the 2021 bull market. The show went silent after the collapse of its major sponsor, FTX, in late 2022. Coinbase’s purchase of the podcast’s symbolic NFT now aims to restore it “for a new season,” rekindling nostalgia for an era of unfiltered discussions and market euphoria.
“This is one of those cultural moments where crypto meets storytelling,” said Brian Armstrong, CEO of Coinbase. “The UpOnly crypto podcast helped shape the industry’s identity. It deserves a comeback.”
The now-famous NFT, originally minted by Cobie, represented control over whether the podcast would ever return. In May, Cobie publicly declared that he was no longer the decision-maker. “The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart,” he explained.
The NFT was briefly listed on OpenSea with a top bid of just 4.7 ETH (approximately $18,500). Coinbase’s $25 million purchase therefore represents one of the most dramatic overpayments in NFT history placing the transaction among the five most expensive NFTs ever sold.
This is crypto’s version of buying back culture, said Linda Xie, blockchain investor and co-founder of Scalar Capital. By reviving the UpOnly crypto podcast, Coinbase isn’t just spending on nostalgia as it’s investing in trust and community roots.
Cobie responded to the development with his trademark humor on X (formerly Twitter). “Ah man wtf,” he wrote, adding, “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.” Coinbase replied: “Time to go live Unc.”
The UpOnly crypto podcast, famous for prioritizing “entertainment before alpha” has long held a cult following for its candid banter and self-deprecating humor. The revival signals a rare corporate move into the cultural side of crypto, reflecting a shift from market metrics to community engagement.
This isn’t just about broadcasting, said Eleanor Terrett, crypto journalist and host of Crypto in America. It’s about showing that storytelling and personality still matter in an industry often dominated by speculation and hype.
The ripple effect of Coinbase’s UpOnly crypto podcast acquisition was immediate. According to DEX Screener, the UPONLY memecoin on Coinbase’s Base network spiked by over 7,900% before crashing, while the COBIE token surged 5,800%. Meanwhile, a Solana-based token with the same ticker jumped around 250%, reflecting renewed interest in the UpOnly brand.
Crypto investor “Rune” posted, “An UPONLY memecoin went to $50M in 2024 on Solana, but UpOnlyTV wasn’t resumed. Now that Coinbase spent $25M on resuming it, let’s send a Base memecoin to $500M.”
Despite the frenzy, analysts note that Coinbase’s purchase is more symbolic than financial. The move underscores a growing intersection of Web3 media, NFTs, and community identity, a dynamic that continues to blur the line between crypto markets and digital culture.
For Coinbase, reigniting the UpOnly crypto podcast could strengthen its cultural footprint within the decentralized community it serves. The move aligns with broader trends of major Web3 entities seeking to anchor themselves not just in technology, but in the narratives shaping crypto’s global perception.
Whether the UpOnly crypto podcast returns as a full-fledged production or a rebranded concept like “Unc Only,” one thing is certain: its resurrection has already made history. The fusion of nostalgia, humor, and blockchain economics may well redefine how digital culture is valued in the next phase of the crypto era.
As Armstrong wrote on X: “Crypto has always been about more than price as it’s about creativity, freedom, and connection. The UpOnly crypto podcast is part of that legacy.”
