Flying Tulip’s marketplace for $NFT-wrapped perpetual put options has handled more than $5 million in trades, founder Andre Cronje said on Oct. 5. The NFTs bundle FT tokens with a right to redeem the capital backing the position.
Original token-sale buyers received these positions, known as ftPUTs, as The Defiant reported when FT began trading in February. The marketplace lets holders sell the position with its redemption rights intact, rather than withdraw the FT and surrender that protection.
Buying FT on a spot market does not include a perpetual put. Buying an ftPUT transfers the remaining wrapped tokens and the claim on their backing capital, according to Flying Tulip’s marketplace explanation.
