Key Takeaways
- Integral has introduced NFT Accounting, a solution that enables finance teams to manage and account for NFT revenue and holdings with greater efficiency and compliance.
- The new product automates revenue recognition for primary sales (mints) and secondary sales (royalties) income across NFT collections and tokens, and provides real-time visibility into NFT assets, value, and cost basis.
- CFOs and accountants can use the Automation Center to create rules for revenue categorization across NFT collections, NFT marketplaces, and NFT tokens, unlocking real-time visibility into company financials.
- The platform provides flexible reporting on all NFT activity, closing positions, returns, and more, and lays the foundation for proper compliance with individual tax lots and robust record-keeping for future audits.
- Trusted by world-class web3 organizations, Integral has helped reconcile over $10 billion in crypto accounting transactions in the last 7 months alone.
Integral, a web3 accounting platform, has launched a new product called NFT Accounting, which aims to help finance and accounting teams manage and account for non-fungible token (NFT) revenue and holdings. The announcement follows Integral’s $8.5 million funding round led by Electric Capital in September 2022.
The new product focuses on efficiency, transparency, and compliance, and offers features such as an automation center, revenue recognition, NFT inventory, NFT navigator, NFT P&L, tax lots, and flexible reporting.
Integral worked with accounting teams from RTFKT (now under Nike), Azuki, SuperRare, and Degenerate Ape Academy to create the product. The company claims that its platform has helped companies reconcile over $10 billion in crypto accounting transactions in the last seven months alone.
Integral’s CEO, Gui Laliberté, said the solution was created to help finance teams innovate with certainty and accelerate their growth.
NFT Accounting targets CFOs and accountants who need to manage digital assets such as NFTs. Laliberté said the product can save engineering and accounting hours annually, and help companies close month-ends four times faster.
He added that NFTs can be a real hurdle for finance and accounting teams and that the platform can help CFOs and accountants unlock real-time visibility into company financials and lay the foundation for proper compliance.
Integral’s new product has been welcomed by web3 executives, with Nikhil Gopalani, COO at RTFKT (now under Nike), saying it has provided his team with a single source of truth for crypto FP&A, creating better visibility across his organization and saving them tens of hours of time-consuming work every month.
Erik Nakamura, CFO at Orange Comet, said the robust reporting of Integral had given the company insight and data into all its revenue streams, including digital asset revenue and royalty revenue, which are critical data for its IP partners.
Integral’s NFT Accounting is now publicly available for NFT teams. CFOs, accountants, and founders/operators can sign up by visiting https://www.integral.xyz/nft-accounting or by contacting sales [at] integral.xyz
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