Cronje answers Ansem’s NFT comeback call with $5 million in Flying Tulip put trades
- Andre Cronje says Flying Tulip’s put-option NFT marketplace has passed $5 million in volume.
- He made the claim in a quote-post of Ansem’s call for an NFT comeback.
- Each ftPUT holds FT plus a right to redeem the invested capital at $0.10.
Andre Cronje reports that Flying Tulip’s marketplace for put option NFTs has seen over $5 million in transactions.
He made the claim Monday in a quote-post of Ansem, the trader who on Sept. 27 wrote that he was “pretty bullish on NFTs making a real comeback this cycle.”
Primary-sale buyers got Perpetual Options as ERC-721 tokens
Art NFTs could have another run, Ansem said, but he was more interested in “how much experimentation happens around the format itself.” Cronje picked up that thread.
“I have long held the principle that NFTs can (and should) be more than JPEGs wrappers,” Cronje wrote. He cited the primary sale of Flying Tulip, in which participants got Perpetual Options issued as ERC-721 tokens.
Each has FT and an option to recoup the invested capital “if for any reason the investor doesn’t like where the project is going.”
“Full downside protection with upside exposure,” he wrote. Holders can trade FT on the secondary market or purchase a PUT from the project’s Perpetual Option marketplace.
He said that marketplace was “over $5m” in volume.
“There are many financial and non-financial instruments that only make sense as NFTs,” Cronje wrote.
Each ftPUT redeems at $0.10 and never expires
The redemption price is $0.10. The option never expires. ERC-721 wrapper permits every position to be moved between wallets.
The buyer of an ftPUT NFT receives the FT left inside as well as the redemption rights. Spot FT buyers get the token, with no floor.
Reports in late June showed ftPUT NFTs trading at a premium of 4% to 6% to redemption value.
Following a private raise that closed above $200 million, Flying Tulip set FT’s token generation event for Feb. 23, 2026, at a $1 billion fully diluted valuation. In weekly NFT roundups, Cryptopolitan ranked the Flying Tulip PUT collection third on March 25 and fourth the week after.
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FAQs
What is an ftPUT?
A perpetual put option, issued as an ERC-721 NFT, that holds FT and the right to redeem the invested capital at $0.10.
How much volume has the ftPUT marketplace done?
Over $5 million, according to Cronje.
Why do the ftPUT NFTs trade at a premium?
They carry a redemption floor that spot FT lacks. Late-June trades reportedly ran 4% to 6% above redemption value.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
