Andre Cronje cites over $5 million in Flying Tulip put NFT trading after Ansem's NFT call
Key Takeaways
- •Andre Cronje stated that Flying Tulip's put option NFT marketplace has recorded more than $5 million in transaction volume.
- •Flying Tulip's primary sale distributed Perpetual Options as ERC-721 tokens, each holding FT and a right to redeem invested capital at $0.10 with no expiration date.
- •Cronje presented the marketplace as an example of NFTs functioning as financial instruments rather than art wrappers, responding to Ansem's interest in experimentation with the NFT format.
- •Reports from late June showed ftPUT NFTs trading at a 4% to 6% premium over their redemption value.
- •Flying Tulip's private raise closed above $200 million, with the FT token generation event scheduled for Feb. 23, 2026, at a fully diluted valuation of $1 billion.
Andre Cronje, the DeFi developer best known as the creator of Yearn Finance, says Flying Tulip's marketplace for put option NFTs has processed more than $5 million in transactions. The claim came Monday in a quote-post on X responding to Ansem, the trader who wrote on Sept. 27 that he was “pretty bullish on NFTs making a real comeback this cycle.”
Primary-sale buyers received Perpetual Options as ERC-721 tokens
Ansem suggested art NFTs could have another run but said 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 pointed to Flying Tulip's primary sale, in which participants received Perpetual Options issued as ERC-721 tokens, the Ethereum token standard for non-fungible assets. Each token holds 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, which he said had already recorded “over $5m” in volume.
“There are many financial and non-financial instruments that only make sense as NFTs,” Cronje wrote. The figure describes activity on a marketplace whose tradable assets are financial claims rather than artwork — the format-level experimentation Ansem said he was watching for.
Each ftPUT redeems at $0.10 and never expires
The redemption price is $0.10, and the option carries no expiration. The ERC-721 wrapper allows every position to be moved between wallets. The buyer of an ftPUT NFT receives both the FT left inside and the redemption rights, while spot FT buyers get the token with no floor.
Reports in late June showed ftPUT NFTs trading at a premium of 4% to 6% over redemption value.
Flying Tulip's private raise closed above $200 million, and the project set FT's token generation event for Feb. 23, 2026, at a fully diluted valuation of $1 billion. Cryptopolitan's weekly NFT roundups ranked the Flying Tulip PUT collection third on March 25 and fourth the week after.
