Use Case: Laid Back Ventures.
Background
In 2021, Laid Back Ventures GmbH founded "Ape Harbour", one of the most significant NFT projects based in Germany, in which 7,777 digitally created yachts were sold as NFTs. The project has attracted international attention, resulting in a global Ape Harbour community.
In the course of this project, Laid Back Ventures GmbH realized thousands of blockchain-based transactions via a variety of wallets. Many of these transactions use the Ape Harbour smart contracts, which form the basis for the NFTs. Both hot and cold wallets as well as multi-sig wallets were used in business operations.
The Accounting Challenge.
This extensive transaction activity on the blockchain brought with it the need to implement prompt, complete and consistent accounting in the local currency, the euro, and to prepare the financial statements on time, which posed a significant challenge for the company due to the volume and complexity.
nupont´s Solution Approach.
To meet this challenge, Laid Back Ventures GmbH chose the software solution from nupont. The software makes it possible to extract transactions directly from the blockchain, convert them into euros, provide them with account numbers relevant for accounting purposes and make them available in a standardized format that can be processed directly by conventional accounting systems. This process enables a structured and complete integration of blockchain transactions into accounting.
Recommendation by Laid Back Ventures.
Nico Limberg, Managing Director of Laid Back Ventures, says about the implementation of nupont: "By using nupont, we were able to import a wide variety of business transactions, be it smart contracts or simple transactions, directly into our accounting Software sevDesk. The result is a well-structured and complete documentation of our blockchain transactions in our local currency, the euro. Compared to the manual processes previously required, we have achieved a significant gain in productivity and time. Another advantage is that the automatic data import avoids manual input errors.
With nupont, we have found an effective solution that allows us to efficiently manage the demanding conditions of our blockchain accounting while saving considerable time and resources."