Case Study: OpenSea automates NFT marketplace accounting with Bitwave

How OpenSea uses Bitwave to automatically categorize and reconcile millions of transactions directly Into NetSuite

OpenSea, the world's leading peer-to-peer NFT marketplace, faced an immense accounting challenge when its transaction volume grew exponentially overnight. The finance team was overwhelmed with the task of manually tracking and reconciling tens of millions of complex data points, including gas fees and marketplace fees, using only spreadsheets and block explorers. To solve this, they turned to the accounting platform from Bitwave.

Bitwave implemented a robust solution that integrated with OpenSea's NetSuite ERP. Their platform used a Rules Engine to automatically categorize millions of transactions and a BI Module to intelligently aggregate them. This automation provided critical features like Gain/Loss reports for tax purposes and ensured compliance with US GAAP, successfully satisfying the scrutiny of Big 4 auditors and saving the team from impossible manual effort.

OpenSea

Steven Lim

Director of Accounting