Bitwave’s leading accounting platform broke through the icy barrier of financial inefficiency and helped the penguin crew get back to dominating the NFT market
SAN FRANCISCO--(BUSINESS WIRE)--Bitwave, the leading enterprise digital asset accounting platform, announced today its integration and partnership with Pudgy Penguins, the popular NFT collection project of 8,888 unique penguins with proof of ownership stored on the Ethereum blockchain.
Pudgy Penguins partnered with Bitwave to solve and mitigate the accounting complexities of transferring NFT’s across multiple wallets and marketplaces.
Since its launch on July 22, 2021, the Pudgy Penguins collection has remained one of the most sought-after PFP (Profile Picture) projects on the NFT market. With a total trading volume exceeding 150ETH ($287 MM USD) and a floor price of more than 4ETH ($7.6K USD), the Pudgy Penguins team needed a powerful tracking solution to understand their financial landscape.
“Pudgy Penguins is dedicated to the long-term sustainability of our community. This integration ensures the financial health of our systems with a best-in-class operation,” said Pudgy Penguins President and Chief Technology Officer Lorenzo Melendez.
The Pudgy Penguins and Bitwave teams took a two-part approach to solve their challenge.
First, Bitwave’s integrated reporting platform was used to conduct a full audit of the on-chain transaction record from NFT sales over the last 21 months. This allowed Pudgy Penguins to confidently track, categorize, and report the historical cost basis of each transaction with a deep level of granularity – across each unique wallet and marketplace.
Next, the Bitwave and Pudgy Penguins teams worked together to engineer a custom set of automation rules that enabled full visibility of transaction data across both primary and secondary markets. These categorizations helped Pudgy Penguins achieve a new level of financial efficiency with automated revenue accounting and instant cost basis tracking for new NFT trades.
“Pudgy Penguins consistently expands the frontier for NFT’s by creating a meaningful dialog with traditional brands outside of the crypto ecosystem. Here at Bitwave, we’re genuinely passionate about the future of NFT’s and it’s been an absolute pleasure working with the innovative team at Pudgy Penguins,” said Bitwave CEO and Co-Founder Pat White.
Many traditional accounting and finance tools today do not have systems in place to categorize, track, and report on-chain transactions in an efficient way. This makes understanding the historical transaction record an all-too-familiar challenge for many projects across the blockchain ecosystem – not just top-tier NFT collections.
Thanks to the Bitwave and Pudgy Penguins integration work, these customized automation rules and trusted reporting tools are now available for any Bitwave customer looking for greater efficiency and audit-ready compliance.
About Pudgy Penguins:
Pudgy Penguins is a collection of 8,888 NFT’s, accelerating Web3 innovation through IP utilization and community empowerment. Embodying love, empathy, & compassion, the Pudgy Penguins are a beacon of good vibes & positivity for everyone. Each holder receives exclusive access to experiences, events, IP licensing opportunities, and more. Let’s break through the boundaries of Web3 together. Visit pudgypenguins.com for more.
Bitwave is the #1 enterprise accounting platform for crypto. Designed from the ground up to manage the intersection of Web3 tax, accounting, and compliance, Bitwave is purpose-built to help finance and accounting professionals mitigate the complex challenges of digital asset transactions. From bookkeeping, AR/AP, and on-chain bill pay; to DeFi and NFT support – Bitwave is the most-trusted financial platform for digital assets.
In Q4 2022, Bitwave closed a $15M Series A funding raise backed by Hack VC, Blockchain Capital, and Signal Fire to expand its on-chain accounting platform. To learn more, visit bitwave.io.