Gilded, a provider of blockchain financial reporting software, today announced NFTOPS, a solution for NFT marketplaces to track and analyze financial data.
According to Gilded, NFTs saw a record-high transaction volume of $10.7 billion in Q3 2021, up sevenfold from the previous quarter. While NFT marketplaces are recording historic profits, the unique complexity of NFT transactions — royalties, revenue splits, multiple payment channels — is a challenge for rapidly scaling platforms.
NFTOPS enables finance and growth teams to measure performance, track royalties, and produce comprehensive financial statements for rights holders, artists, and collectors. It is launching in collaboration with initial marketplace partners including Draftly, Culture Vault, Iconic Moments, Swappable, Mint Gold Dust, and Nifty’s.
Gilded NFT partner cocoNFT — an upcoming platform for tokenizing Instagram posts — will be using NFTOPS to manage their finances.
“When we made the decision to build an NFT platform, our primary vision was to empower creators with blockchain technology. But from a business standpoint, we recognize the importance of accurate, complete financial information for both our company and our users,” said Reid Robinson, co-founder and CEO of cocoNFT. “On-chain data is a minefield. With NFTOPS in our arsenal, we couldn’t be more excited for our launch.”
“It’s increasingly clear that everything of value will be tokenized. NFT marketplaces and their users need robust financial reporting, performance analysis, and the peace of mind that they are compliance-ready,” said Gil Hildebrand, Gilded CEO. “We empower NFT platforms to do it all: focusing on innovation while providing the financial insights that marketplace participants demand. We’re proud to present NFTOPS as the first solution of its kind.”
NFTOPS features include a financial dashboard with real-time insights into NFT sales, activity on primary and secondary markets, platform revenue, and trending collections; the ability to track all corporate wallets, pay vendors, and sync transactions with leading accounting software like QuickBooks and Xero; reconciliation for both credit card payments and on-chain sales for consolidated financial reporting by asset, collection, and payment type; and no-code solutions for generating auditable financial statements for artists, licensors, rights holders, and collectors.
At launch, NFTOPS supports Ethereum, Polygon, and Palm blockchains, with support for other blockchains currently in development. Gilded said it is working on tools for NFT creators and collectors to track revenue and manage their crypto finances.