# Flying Tulip NFT marketplace tops $5 million in volume Author: Hatice Ertaş Language: English Published: 2026-10-06T19:45:52+03:00 Updated: 2026-10-08T22:39:52+03:00 ![Conceptual illustration of transparent NFT capsules holding a tulip and linked rings](https://kriptometa.com/uploads/flying-tulip-in-nft-pazarinda-hacim-milyon-dolari-asti-a6b5aefc5e35_article.webp) ## Key takeaways - Andre Cronje said on October 5 that ftPUT marketplace trading had exceeded $5 million. - Transferring the ERC-721 NFT also transfers the remaining FT tokens and the associated redemption right. - That right does not guarantee an NFT buyer’s secondary-market purchase price or the collateral’s dollar value. The volume reported by Cronje puts the focus on NFTs that carry a right to redeem capital, rather than an image alone. Buying FT on a spot market does not confer that right. Flying Tulip founder Andre Cronje says trading volume on the marketplace for the project’s ftPUT NFTs has exceeded $5 million. The figure, shared on X on October 5, concerns sales of NFTs that carry both FT tokens and a right to redeem the capital backing a position. Cronje was replying to Ansem’s post predicting renewed interest in NFTs. Arguing that the format should extend beyond images, he wrote: > “There are many financial and non-financial instruments that only make sense as NFTs.” [Andre Cronje’s October 5 marketplace volume statement](https://x.com/AndreCronjeTech/status/2107113767490179278) The $5 million is trading volume reported by the founder, not protocol revenue or a measure of fresh capital raised. Flying Tulip’s [report with figures as of June 30](https://blog.flyingtulip.com/flying-tulip-june-update/) put marketplace volume above $1.6 million, with 279 completed sales. The latest statement therefore describes cumulative activity at an existing marketplace, rather than a new launch. ## What changes hands with the NFT? An ftPUT is an [NFT](https://kriptometa.com/en/glossary/nft) issued under the ERC-721 standard. Given to participants in the initial capital allocation, it represents the FT tokens remaining inside a position alongside the right to redeem its backing. That right has no fixed expiry date. Selling the NFT transfers those rights to its buyer. The new owner can hold the position, redeem all or part of the remaining collateral, or withdraw FT tokens to a wallet. Redeeming capital burns the corresponding FT; withdrawing FT permanently removes the redemption right for that portion. Buying FT alone on a spot market does not include this right. According to the [marketplace documentation](https://docs.flyingtulip.com/product-suite/ftput-marketplace/), the collateral type and remaining balances are checked before settlement. If a seller changes the position after the buyer has priced it, the trade fails. This protects against buying an altered position; it does not establish that the agreed price is fair. ## Where the redemption right stops The [capital-allocation rules](https://docs.flyingtulip.com/capital-allocation/) define redemption in terms of the asset and amount originally contributed. A position created with ETH, for example, has an ETH-denominated redemption right; that does not remove changes in ETH’s dollar price. Partial withdrawals also reduce the remaining entitlement. **The right does not guarantee a secondary buyer’s purchase price.** An NFT can cost more than the value of the assets redeemable from its position. Trading fees add to the buyer’s cost. The project’s documents also note that redemption rates may be limited during periods of heavy withdrawals, while [smart-contract](https://kriptometa.com/en/glossary/smart-contract) and collateral-strategy risks remain. Making the position transferable as an NFT does not remove the need to [examine the terms of the rights it carries](https://kriptometa.com/en/nft-buying-checklist).