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 tokensArt 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 expiresThe 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.The smartest crypto minds already read our newsletter. Want in? Join them.