Coinbase CEO Responds to Ultra-Rare NFT Purchase
Coinbase CEO Emily Choi confirmed the purchase of an ultra-rare non-fungible token (NFT) for $25 million — a move that reignited debate across the cryptocurrency world and symbolized a cultural turning point in digital art and crypto media.
A Smart Contract with a Twist
According to Choi, the NFT was far more than a collectible. It contained a smart contract clause requiring the revival of UpOnlyTV, one of the most influential talk shows during the 2021 bull market. The NFT effectively forces the show’s return by binding its creators to produce new content.
Origins of the Story
The saga began on October 10 when rumors surfaced that Coinbase had purchased an NFT linked to UpOnlyTV, the podcast hosted by Jordan Fish (Coby) and Brian Krogsgaard (@ledgerstatus). The rumor gained traction when Coinbase CEO Brian Armstrong cryptically posted, “We had to do it.”
Armstrong later confirmed the purchase, revealing that Coinbase paid $25 million in USDC for the NFT. The smart contract included a requirement for Coby and Ledger to release eight new episodes within three months, but notably gave them complete creative freedom — even to criticize Coinbase itself.
“It’s a statement about free expression in Web3 media — and a bit of crypto humor,” Choi said.
From Meme to Monumental Deal
Initially, Coby listed the NFT as a joke with an inflated price to mock NFT speculation. It lingered unsold on OpenSea for months, fetching bids below 5 ETH — until Coinbase intervened.
After completing the purchase, Coinbase burned the NFT to trigger the smart contract, ensuring the content obligation would be fulfilled while removing any chance of resale or speculation.
The Return of UpOnlyTV
UpOnlyTV was discontinued after the FTX collapse in 2022, despite being one of the most-watched crypto podcasts during the previous bull market. The NFT’s built-in mechanism now ensures its revival — potentially marking one of the most creative fusions of culture, blockchain, and business strategy.
Armstrong’s Optimism
In follow-up comments, Brian Armstrong expressed continued optimism about the market, reiterating his long-term vision that Bitcoin could reach $1 million. He emphasized that adoption would grow “quietly and invisibly” — as users interact with crypto through everyday platforms without even realizing it.
Coinbase also continues expanding, recently adding BNB to its listing roadmap, strengthening interoperability across major blockchain ecosystems.
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