Musician Mann sold NFTs for a profit of 3 million USD but nearly lost it all due to the big dump of ETH and tax issues.

DecentralizedFinance狂人 · 2025-06-07T12:26:33+00:00

Golden Finance reports that musician Jonathan Mann recently disclosed that he profited approximately 3 million dollars by selling 3,700 songs as NFTs in January 2022 (received in ETH). However, after the market crash, this profit was nearly all lost due to the devaluation of Crypto Assets and tax issues. Mann stated that the IRS required him to pay income tax based on the value of ETH at the time of sale, with a tax bill reaching 1,095,171.79 dollars. To cope with the liquidity crisis, he mortgaged ETH to borrow through a certain platform, but was liquidated during the market turmoil triggered by the collapse of the Terra ecosystem, losing 300 ETH. Ultimately, he obtained 1.1 million dollars by selling the Autoglyph NFTs he held early on to pay his taxes. Currently, Mann continues to create and sell songs daily.

DecentralizedFinance狂人

2025-06-07 12:26:33

Golden Finance reported that musician Jonathan Mann recently disclosed that he made a profit of about $3 million (collected in ETH) in January 2022 by selling 3,700 song NFTs. However, after the market crash, almost all of this gain was lost due to the depreciation of cryptocurrencies 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 up to $1,095,171.79. In response to the liquidity crisis, he pledged ETH to borrow through a platform, but was liquidated in the market turmoil caused by the collapse of the Terra ecosystem, losing 300 ETH. In the end, he received $1.1 million from the sale of his early holdings of Autoglyph NFTs, which he used to pay taxes. At present, Mann still insists on creating and selling song NFTs on a daily basis, but has not yet recovered his previous level of earnings.

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