Corporate NFT
Accounting & Reporting
Unlock frictionless NFT accounting capabilities for your team.
Track royalties, expenses and revenues and generate comprehensive financial NFT reports.
Integrations to High Places
We bring you the power and ease of traditional accounting to web3 accounting.
We simplify NFT accounting
NFT Tracking & Reconciliation
Tracking NFTs and NFT transactions are easy as connecting your wallet with a few clicks. Cryptoworth tracks all NFT transactions and it's associated information from NFT marketplaces.
Transaction Resolution
Our intelligent transaction resolution algorithms helps you solve navigate NFT accounting challenges smoothly with confidence.
NFT Tax Accounting
One size does not fit all. It did not in web2 and certainly not in web3. We understand the challenges amoung NFT tax accounting treatments and therefore we built a fully configurable options from classifications, to tagging to taxability behaviour.
NFT Reporting
NFTs are different and they are everywhere. Differntiating revenue, minting and transaction fees can be a challenge. We help you track revenues, royalties, fees and expenses and generate auditable NFT reports with a click of a button.
What are NFTs Standards?
Non-Fungible Tokens (NFTs) are digital assets representing ownership or proof of authenticity of a unique item or piece of content, such as artwork, music, videos, and more, using blockchain technology. The uniqueness and indivisibility of NFTs set them apart from fungible tokens like cryptocurrencies.
Two primary standards govern the creation and operation of NFTs: ERC-721 and ERC-1155. ERC-721, the first standard for representing non-fungible digital assets, allows for the creation of unique tokens, where each token is distinct and has a different value. ERC-1155, expands this concept by accommodating multiple token types in a single contract. This versatility is crucial for applications requiring a mix of fungible and non-fungible tokens, such as gaming platforms (e.g., The Sandbox, Skyweaver and MyCryptoHeroes), where it streamlines transactions and reduces gas fees.
From an accounting perspective, these standards necessitate new valuation methods reflecting the tokens' uniqueness and market dynamics. They challenge traditional financial reporting, demanding adaptations in asset recognition, measurement, and disclosure to capture the true value and ownership of NFTs accurately.
What are NFT Bonds?
NFT bonds blend the liquidity and investment mechanics of traditional bonds with the innovation of non-fungible tokens (NFTs), creating a novel financial instrument in the DeFi space. They allow protocols to lock tokens within transferable NFTs, which can then be traded on secondary markets, similar to traditional US Treasury Bonds (T-Bills). This setup offers a way to provide liquidity while locking in value under specific conditions until maturity, when the tokens are released to the bondholder.For accountants navigating the Web3 domain, the primary challenge lies in valuing these NFT bonds due to the lack of on-chain fair-market metrics.
Read the in-depth article about NFT Bonds
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