Jonathan Mann, a non-fungible token (NFT) artist, recently penned a song recounting his experience of earning $3 million from NFT sales, which subsequently evaporated due to a market crash and tax obligations. In his music, Mann details how he sold 3,700 songs for $800 each on January 1, 2022, amassing substantial earnings in Ether. However, when the value of Ethereum plummeted, he was faced with a hefty tax bill of over $1 million based on the original value received at the time of sales. To avoid selling at a loss, Mann and his wife took out a loan using their Ether as collateral, but the crashing market led to a liquidation of their loan and a significant loss of funds. Ultimately, in a bid to cover his tax obligations, Mann sold a rare Autoglyph NFT, managing to secure $1.1 million, allowing him to settle his debts with the IRS. Despite the setback, he continues to create and sell music through NFTs, holding onto hope for future success.

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