$25M NFT purchase from Coinbase revives the UpOnly podcast

Key Points:

• Coinbase spent $25 million on an NFT linked to the return of the UpOnly podcast.

• The NFT was burned to restart the once-popular crypto show.

• The purchase makes it one of the top five most expensive NFTs ever sold.

• The move sparked memecoin trading frenzies tied to Cobie and UpOnly.

$25M NFT purchase from Coinbase has brought back a familiar name in crypto media, the UpOnly podcast.

The crypto exchange confirmed that it paid $25 million for a single non-fungible token tied to the show’s revival. Coinbase CEO Brian Armstrong wrote that “the rumors are true,” adding that the NFT has already been burned to trigger a new season.

This move surprised the crypto community. Many still remember UpOnly podcast from the 2021 bull run, where hosts Cobie and LedgerLive interviewed top crypto figures and traders. The show was known for its humor, insider insights, and its timing during crypto’s wildest growth phase.

NFT as the switch for a new season

Onchain data from Arkham Intelligence confirmed that Coinbase transferred $25 million in USDC to a wallet controlled by Cobie, the show’s host. This payment, as defined by the NFT’s “rules,” forced the show to restart once the token was burned. The NFT was initially listed on OpenSea but received bids far below its final sale price. The highest offer before Coinbase’s purchase was only 4.7 ETH, or about $18,500.

This massive gap between bids and Coinbase’s payment shocked many observers. Still, the deal instantly positioned the NFT as one of the five most expensive ever sold.

Cobie reacts and jokes about the return

Cobie, one of the most recognized figures in crypto culture, reacted on X with humor. “It’s been three years since UpOnly ended,” he wrote. “I was in my 20s when it started, now I have grey hair. We’ll rename it Unc Only and I’ll spend $25 million on cosmetic surgery.”

Coinbase’s official account replied with a playful “Time to go live Unc,” confirming the podcast’s return was indeed happening. Fans and traders immediately celebrated across social media, calling it a nostalgic signal that the bull market might be back.

ANOTHER MUST-READ ON ICN.LIVE:

Japanese family business succession crisis reshapes private equity in Japan

$25M NFT purchase from Coinbase shakes the crypto scene

The story did not stop at the podcast’s revival. In true crypto fashion, memecoin traders reacted instantly. A token named UPONLY, launched on Coinbase’s own Base network, exploded by 7,900% in hours. Another COBIE token on Base spiked by 5,800%. Even a Solana-based version of the UPONLY coin pumped 250% before cooling off.

These reactions showed how tightly linked crypto news and memecoin trading have become. When a major brand like Coinbase spends millions on an NFT, the community treats it as both entertainment and an opportunity.

UpOnly’s legacy and what this means for crypto culture

The UpOnly podcast was last active in December 2022, shortly after the collapse of FTX, its former sponsor. In May 2024, Cobie hinted that the future of the show depended on a unique NFT he had created. His exact words were, “The power is now stored within this NFT. When the NFT is burned, the podcast will restart.”

Now that the token has been purchased and destroyed, UpOnly podcast returns under the Coinbase umbrella, symbolizing how NFTs can hold creative control and narrative power.

From my perspective, this move by Coinbase shows how the firm wants to reconnect with retail sentiment and culture, not just trading volume. It is a reminder that crypto isn’t only about technology, but also about community, personality, and shared stories.

NFTs evolve beyond art and collectibles

The $25M NFT purchase from Coinbase might set a new standard for digital media rights. It demonstrates how blockchain can encode not only ownership, but also actions tied to creative content. By burning the token, Coinbase unlocked the podcast’s return, showing how NFTs can serve as programmable contracts beyond art speculation.

This case may also influence how creators use NFTs to control their work. It blurs the line between ownership, licensing, and entertainment.