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 attracted international attention, resulting in a global Ape Harbour community.
In the course of this project, Laid Back Ventures GmbH executed thousands of blockchain-based transactions across a variety of wallets. Many of these transactions used the Ape Harbour smart contracts that form the basis for the NFTs. Both hot and cold wallets, as well as multi-sig wallets, were used in business operations.
The Crypto 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 financial statements on time, a significant challenge given the volume and complexity involved.
nupont’s Solution Approach
To meet this challenge, Laid Back Ventures GmbH chose the software solution from nupont. The software extracts transactions directly from the blockchain, converts them into euros, assigns account numbers relevant for accounting purposes, and makes them available in a standardized format that conventional accounting systems can process directly. This enables a structured and complete integration of blockchain transactions into accounting.
Results
Nico Limberg, Managing Director of Laid Back Ventures, on 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.“
"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. Compared to the manual processes previously required, we have achieved a significant gain in productivity and time."