Flying Tulip’s NFT options market tops $5M in volume, says Cronje

Andre Cronje’s Flying Tulip has a new metric to point to. Its marketplace for ftPUT NFTs has cleared over $5 million in cumulative trading volume, according to Cronje. That figure matters because the product being traded is unusual. Buyers aren’t just picking up tokens. They’re buying tokens that come with a built-in exit, and it turns out people will pay extra for that. How a put option ended up as an NFT Flying Tulip applies that logic to its FT token. When investors took a primary allocation of FT, it came paired with a perpetual put option called an ftPUT. A put option is a contract that lets you sell an asset at a set price, regardless of where the market goes. Here, that set price is $0.10. Holders can redeem their originally contributed assets at that level whenever they like. The option never expires. The protocol packages each of these positions as an ERC-721 NFT, the standard Ethereum format for unique tokens. Wrapping the position this way makes it something you can hand to someone else. That transferability is the whole point of the Perpetual PUT Marketplace. When someone buys an ftPUT NFT, they receive whatever FT tokens remain inside it, plus the redemption rights att...