Earlier this year, crypto influencer Jordan Fish, known as Cobie, launched a non-fungible token (NFT) tied to a podcast he co-hosted with Ledger during the 2021 crypto bull run. This NFT, which represented the potential revival of the podcast “Up Only” for eight episodes, attracted significant attention after Coinbase CEO Brian Armstrong announced the exchange’s purchase of the token for a staggering $25 million, settled in USDC.
Cobie’s original vision for the NFT was to empower its owner to compel him and Ledger to produce more podcast episodes. However, due to the lack of any formal contract, it remains uncertain if the purchase legally obligates them to resume the show.
In a twist, Armstrong declared on social media that Coinbase had “burned” the NFT, effectively removing it from existence. It soon became apparent that this move was part of a larger marketing strategy surrounding Coinbase’s $375 million acquisition of Echo, a crypto-focused early-stage investment platform founded by Cobie in 2023.
Echo aims to enhance fundraising transparency within crypto projects by addressing past issues of insider token launches designed to exploit wider public investment. The platform has successfully raised $150 million for over 300 projects, and it features notable projects like stablecoin-oriented Plasma and the Ethereum layer-two network MegaETH.
Cobie reflected on his journey with Echo, admitting he initially believed it had a high chance of failure but felt it was a worthy endeavor regardless. He expressed surprise at its sale to Coinbase, highlighting the platform’s future integration into Coinbase’s larger financial ecosystem.
This acquisition marks Coinbase’s eighth this year as the exchange strives to transform into an all-encompassing crypto and financial application. Despite being a long-time supporter of Ethereum, Coinbase has faced criticism for what some perceive as a lack of recognition of the network’s contributions to its success. Recently, the company announced plans to explore launching a proprietary token on its Base blockchain, built as a layer-two network over Ethereum.
Concerns have been raised within the crypto community regarding Coinbase’s centralization, particularly in light of its partnership with Circle, the issuer of the USDC stablecoin. Many argue that a transaction system reliant on a centrally-issued stablecoin contradicts the original decentralizing vision of Bitcoin’s creator, Satoshi Nakamoto.
As for the “Up Only” podcast, Cobie has confirmed its return under the new name “Unc Only,” acknowledging the passage of time since their last episodes. The revival is set to occur after selecting a lineup of guests for the upcoming eight episodes.
