Introducing the enterprise-grade NFT accounting module from Cryptio
As part of our Colossal launch, we’ve released the enterprise-grade NFT module to support Web3 companies accounting, audit, tax, and financial reporting on digital assets.
Cryptio is already powering the back office to top NFT-based projects
Sorare (Official NBA, Football MLB), Recur (Nickelodeon, Paramount) and is now excited to launch the highly-requested NFT module allowing Web3 companies to generate reports on NFTs that meet the standards auditors and regulators require.
This new feature will help enterprises and institutions holding NFTs oversee the value of their digital assets and ensure they remain compliant with global accounting standards.
Web3 businesses using Cryptio gain a number of new features with the launch of the NFT module, including:
- Automated labeling of NFTs to streamline accounting and reporting.
- Historical and fair valuation of NFT assets, including floor price, last sale price and item price, for accurate transaction-level data.
- IFRS- and GAAP-compliant reporting on NFTs.
- Automatic cost basis computation for NFTs.
- Tracking of NFT transactions, separating gas fees and item costs.
- NFT asset visualization with intuitive design.
- Impairment testing for NFT transactions.
- Compliance checks with spam, stolen assets and wash trading detection and filtering.
- NFT categorization with automatic tagging including Art NFTs, PFP NFTs, Music NFTs, Writing NFTs.
A word from our team & customers
“Cryptio is really excited to bring this new module to our platform. NFTs are emerging as a core primitive of the crypto space, facilitating impactful applications in diverse domains like NFTfi, web3 Social, or DeSci. Our new features expand our accounting and reporting suite and allow more businesses and institutions to benefit from Cryptio’s auditable and accurate software,”
Paul Drouet, Web3 Product Manager, Cryptio.
“NFTs are an innovative part of the crypto space, but businesses holding them are outpacing solutions that allow us to complete our accounting and reporting. We’re excited that Cryptio is constantly developing new ways to enable us to streamline our back-office activity. Its NFT module takes the pain from accounting and reporting on NFT assets and ensures that we remain compliant,”
Jeth Ang, Chief Operations Officer, BreederDAO.
“Crypto accounting is generally challenging, but doing it for NFT assets is on a different level. Cryptio’s NFT module is a game-changer for accountants. With the new features it brings, we can automate a great deal of the work we do for our NFT clients without compromising on the accuracy and completeness of data we need,”
Andrea Perlak, Chief Executive Officer & Founding Partner, Crypto Accounting Group.
Cryptio is committed to helping Web3 companies navigate the ever-changing regulatory environment. It helps its 300+ users through regulatory complications and prepares them for audit challenges, providing accounting and reporting best practices and subject-matter expertise.
The start of complete Web3 reporting
To learn more about the NFT module and Colossal, read our Cryptio Colossal blog series. This three-part blog series looks at Cryptio’s journey from Ionic to Colossal, focusing in detail on the 3 new product features:
- Auditability - data ownership, completeness, and valuation: indexing, chain integrations, sanity checks, exchange integrations, and fair valuation.
- Enhanced accounting workflows, categorize your transaction data with ease: new user interface (UI), Smart Contract Engine, complete reporting suite for your crypto enterprise reporting (Netsuite), impairment, additional cost basis methodologies, enterprise-grade customer support, reports.
- Live dashboards - instant data accessibility: NFT module, DeFi module, certifications (SOC 1 & SOC 2, and AICPA).
Start your journey with Cryptio Colossal today
Cryptio Colossal is your leading data layer for crypto accounting and reporting. Our software lets you instantly transform complex on-chain activity from Ethereum, BSC, Polygon, and 12+ blockchains into auditable-grade ledgers.