Integral introduces NFT Accounting; a solution that allows NFT finance teams to easily manage and account for NFT revenue and holdings. The announcement follows Integral’s $8.5M round of funding led by Electric Capital announced back in September 2022.
“We created an NFT accounting solution to accelerate finance teams that want to innovate. We worked closely with the accounting teams behind world-class NFT projects like RTFKT (now under Nike), Azuki, SuperRare, and Degenerate Ape Academy, to create a product that helps them grow their business efficiently and with certainty. Recently, we saved Orange Comet, AMC’s The Walking Dead NFT creators, an estimated $50,000 per year in cost, and helped them close month-ends 4x faster,” said Gui Laliberté, CEO of Integral.
“World-class brands like Nike, Starbucks, Tiffany, Gucci, Porsche, and many more are jumping into NFTs to grow their communities and digital presence. The problem is, NFTs can be a real hurdle for finance and accounting teams. We want to solve the problem so that more people can innovate with confidence in web3.”
Integral’s new product targets CFOs and accountants who need to manage digital assets such as NFTs. NFT Accounting focuses on efficiency, transparency, and compliance:
Closing month-ends 4x faster
- Automation Center: An intuitive way to create rules for revenue categorization across NFT collections, NFT marketplaces, and NFT tokens.
- Revenue Recognition: Automated recognition of primary sales (mints) and secondary sales (royalties) income across NFT collections and NFT tokens.
- No more spreadsheets: Save hundreds of engineering and accounting hours, annually.
Unlocking real-time visibility into company financials
- NFT Inventory: Real-time dashboard to track NFT assets, value, and cost basis.
- NFT Navigator: An explorer for NFT activity by marketplace, collection, and token ID
- NFT P&L: Real-time view of realized and unrealized gains.
Laying the foundation for proper compliance, easily
- Tax Lots: Individually drill-down to get full visibility on how gains/losses are calculated.
- Reports: Flexible reporting on all NFT activity, closing positions, returns, and more.
- Exporter: Robust record-keeping that can be used in future audits.
About Integral
Integral is the web3 CFO’s most powerful tool. We help finance teams automate crypto accounting, manage crypto treasury, calculate capital gain/loss, integrate with ERPs, and more.
Photo by Pawel Czerwinski on Unsplash
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