Coinbase revives UpOnly podcast by buying $25 million NFT in surprise deal

TLDR

• Coinbase paid $25 million for the UpOnly NFT, $5 million over its listed price.
• The NFT includes no sponsorship, creative control, or ad rights for Coinbase.
• UpOnly podcast will return with eight episodes as required by the NFT terms.
• Coinbase purchased major technical outages on its platform.

Crypto exchange Coinbase has reignited interest in a long-paused podcast by paying $25 million for a single NFT. The purchase revives UpOnly, a well-known crypto podcast that ended in 2022, and shifts attention during a time when Coinbase is facing technical outages. The deal, which includes no creative control or ad rights, has raised questions across the digital asset industry.

Coinbase Buys UpOnly NFT for $25 Million

Coinbase has purchased an NFT tied to the UpOnly podcast for $25 million, which is $5 million above its listed price. The NFT was minted by Jordan Fish, known online as “Cobie,” who co-hosted the podcast along with Brian Krogsgard, also known as “Ledger.”

The NFT was created earlier this year as a public offer, stating that if anyone bought it, the hosts would bring the show back. According to the listing, the buyer would not receive any sponsorship rights or creative input. Despite these terms, Coinbase went ahead with the purchase, paying in USDC.

The NFT’s Terms and What It Triggers

The UpOnly NFT includes clear terms: it activates the production of eight new podcast episodes. However, it also states that the hosts have no obligation to acknowledge the buyer or promote them. The NFT allows the hosts to ignore Coinbase or even criticize it during the episodes.

Cobie originally joked that he set the price so high no one would actually buy the token. “You couldn’t set a dollar amount on OpenSea so I just kept adding 0s,” he said. “Ah man wtf,” he posted on X (formerly Twitter) once the sale went through.

A Surprise Move Amid Platform Issues

The timing of the purchase has sparked debate, as it came during major technical problems for Coinbase. On the same day, users reported serious service outages due to issues linked to AWS. Some users on Coinbase’s Layer 2 network, Base, also saw zero balances for certain assets.

By securing a high-profile purchase, Coinbase redirected the online conversation. The NFT buy went viral, with much of the crypto community focusing on the podcast’s return rather than the platform’s problems. While it is unclear if this was the company’s intent, the result was a major shift in public attention.

Reactions from the Community and Future Plans

The crypto community reacted with surprise and humor. Many users expressed disbelief that Coinbase followed through with what was originally seen as a joke. The NFT had become known as a sort of “bluff,” one that even Cobie doubted anyone would call.

Coinbase CEO Brian Armstrong confirmed the purchase, posting on X: “The rumors are true, we bought the NFT. Up Only TV is coming back.” Since its last episode in December 2022, the podcast had not been active. It previously ended shortly after the collapse of FTX, which was a sponsor at the time.

Now that the NFT has been purchased, the podcast will return. While Coinbase has no editorial say, the company may still get a representative featured as a guest during the season. The hosts are obligated only to deliver eight new episodes, with no set timeline revealed so far.

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