Coinbase has spent $25 million to acquire and eliminate a non-fungible token (NFT) aimed at reviving the UpOnly podcast, which was once a hit in the crypto space.

Background

The CEO of Coinbase, Brian Armstrong, confirmed on social media that the purchase was legitimate, stating that the firm procured the NFT to restart the UpOnly podcast for a new season. This podcast gained popularity during the crypto bull market of 2021 and featured discussions with notable industry figures. It notably had FTX as its sponsor before its downfall.

Recent blockchain records from Arkham Intelligence verified that Coinbase transferred $25 million USDC to a wallet operated by podcast host and crypto influencer Jordan Fish, often known as “Cobie.”

The NFT Acquisition

The UpOnly podcast last aired in December 2022 after FTX’s collapse. In a past tweet, Cobie expressed uncertainty about the podcast’s return, commenting, “I am no longer the decision maker on if UpOnly returns.”

“The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart.”

This NFT was listed on OpenSea, but the highest bid was a mere 4.7 ETH (around $18,500), leading to speculation that Coinbase significantly overspent on this acquisition. It now ranks as the fifth most expensive NFT in crypto history.

Barriers to Revival

Additionally, the crypto community reacted to this news, with a memecoin named UPONLY on Coinbase’s layer-2 network Base soaring by 7,900% before experiencing a decline. Another memecoin associated with Cobie saw a 5,800% rise around the same time. Cobie humorously mentioned his aging since the podcast’s inception and playfully suggested naming it “Unc Only” while joking about cosmetic surgery.

For more insights, you can explore the full article on Cointelegraph.