Flying Tulip’s NFT options market hits $5M in volume

Andre Cronje’s Flying Tulip has reached a notable milestone: its marketplace for ftPUT NFTs has surpassed $5 million in cumulative trading volume. The product is unique, as it combines tokens with built-in exit options, which buyers are willing to pay a premium for.

The ftPUT NFTs represent perpetual put options tied to the FT token. These options allow holders to redeem their originally contributed assets at a fixed price of $0.10, regardless of market conditions. The options are packaged as ERC-721 NFTs, making them transferable. The marketplace enables buyers to acquire both the FT tokens and the redemption rights, unlike the spot market where tokens are sold without protection.

By late June 2026, the marketplace had recorded $1.6 million in trading volume across 279 sales, averaging deals in the low thousands of dollars. The ftPUT NFTs were trading at premiums of 4-6% above their redemption value. The broader protocol has a total value locked (TVL) of approximately $20 million, with lending TVL near $20 million, and a stablecoin supply of nearly $4.75 million.

Flying Tulip is designed as a unified DeFi platform, combining spot trading, lending, perpetual futures, and the ftUSD stablecoin. It raised over $200 million in a private round and was valued at $1 billion during its token generation event in February 2026. The project’s tokenomics differ from traditional models, with no emissions or team vesting schedules, and revenue directed toward buybacks and burns.

The ftPUT NFTs offer a third exit strategy for token holders, allowing them to sell protected positions without dumping FT on the spot market. The premiums on these NFTs serve as a market signal, indicating trader sentiment. The redemption mechanism’s reliability hinges on the protocol’s financial health, including its TVL and revenue. The $5 million volume and 279 sales by late June 2026 suggest traders view these NFTs as financial instruments rather than collectibles.