• Bitwave, a leading enterprise digital asset accounting platform, has partnered with Pudgy Penguins to provide automated NFT accounting services.
• Pudgy Penguins is an 8,888 unique penguin collection with proof of ownership stored on the Ethereum blockchain.
• The partnership allows for full visibility of transaction data across both primary and secondary markets, helping Pudgy Penguins achieve financial efficiency with automated revenue accounting and instant cost basis tracking.
Bitwave Integration Streamlines NFT Accounting for Pudgy Penguins
Bitwave, the leading enterprise digital asset accounting platform, recently announced its integration and partnership with Pudgy Penguins – a popular NFT collection project of 8,888 unique penguins with proof of ownership stored on the Ethereum blockchain. This collaboration provides automated NFT accounting services to help streamline and simplify the complexities associated with transferring NFT’s across multiple wallets and marketplaces.
Background On The Partnership
Since its launch on July 22, 2021, the Pudgy Penguin collection has become one of the most sought-after projects in terms of trading volume – surpassing 150ETH ($287 MM USD) with a floor price of more than 4ETH ($7.6K USD). To keep up with their success and maintain financial health in their systems, they decided to partner up with Bitwave to gain access to integrated reporting platforms that could audit their on-chain transaction record from NFT sales over the last 21 months as well as custom automation rules that enabled full visibility of transaction data across both primary and secondary markets.
Achievement Of Financial Efficiency
The integration between Bitwave and Pudgy Penguins allowed them to confidently track, categorize, and report cost basis information down to a deep level of granularity – across each unique wallet and marketplace. Furthermore, it provided them with automated revenue accounting capabilities which helped them achieve financial efficiency along with instant cost basis tracking for new NFT trades.
Long Term Sustainability Of Their Community
Pudgy Penguins President & Chief Technology Officer Lorenzo Melendez commented that “Pudgy Penguins is dedicated to the long-term sustainability of our community”; this integration ensures just that so that they can remain dominating within their field going forward.
An Exciting Future Ahead For NFTs
Here at Bitwave we are genuinely passionate about the future prospects for Non Fungible Tokens (NFTs). This collaboration marks another milestone for us as we continue our mission towards helping bring convenience into traditional banking practices within an ever changing landscape