With Cryptio’s comprehensive NFT support and module, you can view historical and live NFT activities in the application and select the preferred pricing methodology for your live NFT assets.

Currently, we are supporting NFT activities on Ethereum and Polygon (more to come starting with other EVM-compatible networks).

⚠️ Please note that there is no specific guidance today in U.S. GAAP and IFRS on how to account for an NFT. Cryptio NFT module results from extensive research and aggregating of the most important features for our customers. Cryptio’s Accounting Strategy team is closely following the regulation and working with our Product team so if anything changes we can adapt the module accordingly.

What are NFT transactions and how can they be accounted for?

NFTs (aka non-fungible tokens) are items stored on a blockchain. They are unduplicatable and are assigned unique identification codes that distinguish them from other tokens.

When it comes to NFT accounting there is no clear guidance on how it should be treated. At the moment, we can treat the events mainly as capital gain, income, or non-taxable events.

What can you do on Cryptio’s NFT module?

The current version of our NFT module will allow you to easily sync in any activities related to ERC-721 and ERC-1155 tokens on Ethereum and Polygon (more networks on the roadmap). Our NFT module can provide:

Detailed view of historical NFT transaction tracking

• NFT auto-labeling: NFTs are now recognized in transactions. Any transaction that includes an NFT is automatically assigned the "NFT" label.
• NFT historical valuations: Valuation is assigned to the NFTs: Simple trades, bundle trades, mints, and transfers.
• NFT accounting computations: Cost basis and G&L values are available for NFTs.
• NFT filter: Separate your NFT-specific movements from the other transactions.
• NFT report toggle: Include or exclude NFTs from your reports (note doesn’t include valuation)

Dashboard visualization for live valuation

• NFT Portfolio dashboard card: Summarising the most valuable NFT portfolio in your portfolio
• NFT module: Detailed view of your live NFT asset information and valuation
• NFT spam is automatically detected and excluded from this module.

Before checking your NFT activities:

For any workspace created before December 27, 2022, activate the NFT Retroactivity feature to allow all your NFT transactions to be imported from Ethereum to your Cryptio workspace. 

Follow these simple steps:

• Go to Manage workspace via the left-side navigation bar > Workspace dropdown arrow
• Click on the workspace you want to update the setting for
• In the pop-up drawer, find NFT Transactions
• Select 'NFT Transaction full retroactivity'.
  • ❗Note: Once this feature is selected, you won't be able to revert the retroactive NFT transaction import. This shouldn't be an issue for most customers, but if you want to, for example, separate a workspace from NFT assets, then it is worth considering if you need to switch on the setting for the workspace. 
• Click 'Save'

See your NFT activities by following these steps:

For how to connect a wallet to sync NFT transactions, check out our articles here.

1. Go to the Dashboard and find the NFT Portfolio card.
2. Select the See NFTs and edit valuations button.

OR

1. Find the NFT module in the side navigation menu.
2. Now you can access and see all your NFT positions from your wallet/import sources.

💡 Tip: For the latest NFT pricing and position information, update your import sources and visit the NFT module page.

What can you see on the NFT module

Historical - Transaction page

On the Transaction page, you will be able to see the areas mentioned in the section above. For further information on how to navigate the Transaction page, you can learn more here.

NFT labelling:

NFT reporting:

Live - NFT page

NFT global view card

The new NFT dashboard card allows customers to monitor their total NFT balance which is dynamically adjusted based on individual NFT valuation editions.

NFT module

The new NFT module features all the NFTs from the import sources and the individual NFT details:

• Basics: Image, Name, Collection, Network on which the asset is held
• Financials: Acquisition cost, Market Value, and Unrealized G&L

Further information in the NFT page drawer features details specific to an NFT and provides valuation edition features where the user can select the most applicable valuation method for their NFT accounting. To determine and apply a valuation method between:

• Floor Price
• Last Sale Price
• Custom edit

💡 Tip: The NFT module and Transactions page are linked. You can see the exact NFT transactions on the Transactions page, by choosing Transactions > 'See related transactions' in the pop-up drawer within the NFT module.