Musician Jonathan Mann recently revealed that he made a profit of about $3 million (in ETH) in January 2022 by selling 3,700 songs NFTs. However, after the market crash, almost all of the gains were lost due to cryptocurrency devaluation and tax issues.
According to Mann, the Internal Revenue Service (IRS) requires him to pay income tax on the value of ETH at the time of sale, with a tax bill of $1,095,171.79. In response to the liquidity crisis, he borrowed ETH through Aave, but was liquidated in the market turmoil caused by the Terra ecological collapse, losing 300 ETH. Ultimately, he received $1.10 million by selling his early holdings of Autoglyph NFT to pay taxes.
At present, Mann still insists on writing and selling song NFTs every day, but has not yet recovered its previous revenue level.
Musician Jonathan Mann made $3 million from NFT sales, which were wiped out by taxes and the market crash
2025-06-07 11:13:36
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