Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingAndre Cronje pointed out that the NFT market trading volume of Flying Tulip's put options has exceeded US$5 million.
Andre Cronje recently reported that the total NFT market trading volume of put options launched by Flying Tulip has exceeded US$5 million. He made the statement on Monday while reiterating a tweet from trader Ansem. Ansem wrote on September 27 that he was quite optimistic about "a real return of NFT during this cycle."
Experimental exploration of NFT as a financial instrument
Ansem said that although artistic NFT may usher in a new round of market, he is more interested in how much experimental innovation will occur around the format itself. Cronje immediately took up the topic for discussion.
Cronje has long adhered to the principle that NFT should (and can) go beyond simple JPEG image encapsulation. He cited the initial sale of Flying Tulip, in which participants received "Perpetual Options" issued in the form of ERC-721 tokens. Each option contains FT tokens and a right to withdraw the invested capital if the investor does not like the direction of the project for any reason.
Cronje wrote: "This provides 'complete downside protection and upside exposure.'" Holders can trade FTs on the secondary market or purchase PUT options from the project's permanent options market. He said trading volume in the market had exceeded $5 million. "There are many financial and non-financial instruments that only make sense in the form of NFTs."
Detailed explanation of ftPUT mechanism
Each ftPUT token can be redeemed for $0.10 and never expires. The ERC-721 packaging format allows all positions to be freely transferred between different wallets. Buyers who purchase ftPUT NFT not only receive the embedded FT tokens, but also enjoy redemption rights. Buyers who buy FT directly in the spot market only receive tokens and have no bottom line.
Reports at the end of June showed that ftPUT NFT was trading at 4% to 6% above its redemption value. After Flying Tulip completed more than US$200 million in private equity financing, the project scheduled FT's token generation event on February 23, 2026, when the fully diluted valuation will reach US$1 billion.
In the weekly NFT summary report, Cryptopolitan ranked Flying Tulip's PUT series third on March 25, and adjusted its ranking to fourth the following week.
