Jonathan Mann, a non-fungible token (NFT) artist, has spun his taxing experience with cryptocurrency into a song. This follows a $3 million loss he suffered due to a market crash.
What Happened: Mann, who is recognized for his “Song A Day” project, recently released a track that narrates his financial misfortune. In a post on X, Mann shared that he made a whopping $3 million by selling his entire song catalog as NFTs. However, he lost it all during the collapse of the Terra ecosystem.
According to his post, on Jan. 1, 2022, Mann embarked on his crypto journey, selling 3,700 songs at $800 each. This earned him approximately $3 million in Ether (ETH). However, the value of ETH plummeted, leaving Mann and his wife uncertain about the right time to sell or the amount to sell. Adding to their woes, the US Internal Revenue Service (IRS) came knocking.
Mann clarified that the earnings from his NFT sales are taxed as income, based on…
