Brian Armstrong Burns $25M NFT to Force Up Only TV Comeback

Coinbase CEO Brian Armstrong has spent $25 million to purchase and burn a one-of-a-kind NFT that controls the return of Up Only TV, the cult-favorite crypto podcast hosted by Cobie and LedgerStatus.

The symbolic burn instantly triggered pleasure throughout Crypto Twitter, reigniting reminiscences of the 2021 bull run that the present helped outline.

Armstrong Revives a Crypto Classic

The story started on May 7, when Cobie, actual identify Jordan Fish, minted an NFT that he claimed would decide the destiny of Up Only.

The token, inscribed with “ADMISSION: 1 SEASON OF UP ONLY TV,” gave its holder the ability to “compel Cobie and LedgerStatus into performing eight episodes.” He wrote on the time, “When the NFT is burned, the podcast will restart. Until then, please depart me alone.”

This week, Armstrong entered the image, revealing that his firm had purchased the NFT.

“The rumors are true, we purchased the NFT. @Up Only TV is coming again,” posted the Coinbase co-founder.

While the precise worth was not formally confirmed, on-chain information analyzed by commentators steered a transaction value 6,500 ETH, or roughly $25 million.

Cobie, who had earlier resisted calls to revive the present, leaned into the second with humor:

“It has been 3 years since UpOnly ended. I used to be in my 20s when it began, now I’ve gray hair,” he joked. “We will rename it Unc Only and I’ll spend $25m on beauty surgical procedure.”

Crypto customers throughout X reacted with pleasure:

“UpOnly spawned a number of the greatest and funniest crypto lore,” wrote crypto researcher Aylo. “Pretty positive each single energetic particular person on right here can be tuning in.”

Others, like Rhino, questioned whether or not the brand new season may dwell up to its previous, noting that there aren’t wherever close to the extent of fascinating fundamental characters that had been round within the final cycle. Cobie himself admitted that discovering good company could possibly be difficult, mentioning doable appearances from Arthur Hayes and prediction market consultants, however no confirmed listing but.

Nostalgia and Market Timing

The Up Only revival lands at a time when the crypto neighborhood may use a morale increase. Just final week, the market suffered a pointy downturn, with over $19 billion value of leveraged positions liquidated following renewed U.S.–China commerce tensions.

Cobie used that collapse to remind merchants concerning the dangers of over-leverage, saying that “preventing that feeling and avoiding the wipeouts is value it ultimately.”

Still, the podcaster is tempering expectations, writing that the present’s return gained’t magically “deliver again 2021 vibes.” However, going by the net feedback, for a lot of the crypto neighborhood, even a brief UpOnly reboot seems like a spark of optimism after months of market exhaustion. As one fan put it when Cobie introduced he was placing down the mic: “One extra UpOnly season for my youngsters. One extra UpOnly for Satoshi.”

At the identical time, the connection between Cobie and Coinbase will transcend the corporate’s revival of the Up Only podcast, with the alternate asserting its acquisition of Echo, an early-stage crypto funding platform based by Cobie. The deal is value about $375 million, made up of money and inventory, and can be topic to buy worth changes.

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