Andre Cronje: NFTs Should Be More Than JPEG Wrappers, Flying Tulip Brings Perpetual Options to NFT Form

PANews reported on October 6 that Flying Tulip founder Andre Cronje posted on X saying he has long believed NFTs can and should carry functions beyond "JPEG image wrapping." The Flying Tulip project issued Perpetual Options to participants in its initial sale, issued as ERC-721 NFTs containing FT tokens and the right for investors to redeem their invested funds if the project's direction fails to meet expectations.

Andre Cronje said the design provides investors with "complete downside protection while retaining upside exposure." Users can trade FT tokens on the secondary market or purchase PUT options in Flying Tulip's perpetual options market. To date, the options market has accumulated over $5 million in trading volume. He believes many financial and non-financial instruments can only achieve more reasonable designs through NFT form.