Exchange buys NFT that triggers the show’s comeback amid renewed bull market optimism
In a surprising twist that blends nostalgia, marketing, and blockchain innovation, Coinbase has reportedly spent $25 million to purchase and burn an NFT tied to the revival of the once-famous crypto podcast UpOnly. The move has sparked widespread discussion across the crypto community, rekindling excitement reminiscent of the 2021 bull run.
Coinbase CEO Brian Armstrong confirmed the acquisition on Tuesday, saying, “The rumors are true,” shortly after on-chain data from Arkham Intelligence showed a $25 million USDC transfer to a wallet linked to Jordan “Cobie” Fish, one of the show’s original hosts.
A Nostalgic Return to the Bull Market Era
The UpOnly podcast gained cult status during the last crypto boom, hosting high-profile guests and serving as a lighthearted lens into market trends and industry gossip. Its final episode aired in December 2022, soon after the collapse of FTX, one of its key sponsors.
Earlier this year, Cobie joked that the show’s fate rested on an NFT he minted — declaring that once it was burned, the podcast would return. Coinbase’s purchase effectively activated that condition, setting the stage for a much-anticipated comeback.
The NFT’s sale price places it among the top five most expensive NFTs ever sold, despite an earlier OpenSea listing that attracted bids of just 4.7 ETH (around $18,500). The move reflects what many see as Coinbase’s attempt to inject cultural energy into a maturing crypto market.
Market Reacts With Memecoin Frenzy
As the news spread, memecoins tied to the UpOnly brand erupted. The UPONLY token on Coinbase’s Base network surged 7,900% before quickly correcting, while a separate COBIE token spiked 5,800%, according to DEX Screener. Even a Solana-based UPONLY token rallied 250%.
“An UPONLY memecoin went to $50M in 2024 on Solana, but the show never resumed. Now that Coinbase spent $25M, let’s send the Base memecoin to $500M,” joked crypto investor Rune on X.
Market analysts view the purchase as a bold marketing experiment — one that merges blockchain functionality with brand nostalgia. “This shows how crypto-native storytelling is evolving — Coinbase didn’t just buy ad space; it bought culture,” said one market observer.
By reviving UpOnly, Coinbase isn’t just chasing engagement — it’s signaling that crypto’s cultural cycle is turning once again toward optimism and experimentation.
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