Coinbase buys Cobie's UpOnly NFT for $25 million, signaling show revival

Coinbase made headlines in the cryptocurrency space by acquiring Cobie's UpOnly NFT for a staggering $25 million USDC, marking one of the largest NFT purchases by a major crypto exchange. This strategic acquisition grants Coinbase exclusive rights to revive the popular UpOnlyTV show through a unique burn clause mechanism embedded in the non-fungible token's smart contract.

The massive $25 million transaction demonstrates Coinbase's commitment to expanding its presence in the NFT and blockchain entertainment sector, while showcasing the evolving utility of NFTs beyond simple digital collectibles. Cobie, a prominent cryptocurrency influencer and DeFi advocate, structured the NFT with innovative tokenomics that allow the holder to compel new season production.

This acquisition signals a broader trend of traditional cryptocurrency platforms investing heavily in NFT-based intellectual property and blockchain entertainment. The deal highlights the growing intersection between decentralized finance (DeFi), NFT technology, and mainstream crypto adoption. Market analysts view this purchase as Coinbase's strategic move to diversify its revenue streams beyond Bitcoin trading and position itself as a leader in the emerging crypto media landscape.