PANews reported on June 9th that according to Cointelegraph, musician Jonathan Mann earned $3 million from Non-Fungible Token sales but almost lost all his funds due to the cryptocurrency market crash and tax issues. He created a song about this experience, warning crypto investors about tax risks.
In January 2022, Mann sold 3,700 songs as Non-Fungible Tokens at $800 each, earning approximately $3 million in ETH. As he did not cash out in time and ETH prices dropped, he faced a full income tax requirement from the US Internal Revenue Service, with taxes amounting to $1.095 million. To offset taxes, he mortgaged ETH through Aave lending but lost 300 ETH in a chain liquidation triggered by the Terra ecosystem collapse. Eventually, he was forced to sell an early Autoglyph Non-Fungible Token for $1.1 million to pay taxes. Mann stated that despite the severe setback, he continues to create and release Non-Fungible Token songs daily, hoping to succeed again.
