The post $3 Million NFT Fortune Vanishes To Crypto Tax and Market Crash, Here’s How appeared on BitcoinEthereumNews.com.

Key Notes Musician Jonathan Mann made $3 million from selling his songs as NFTs in January 2022. As the Ethereum price crashed in the same year, so did the value of his earnings. Still, the Internal Revenue Service office taxed him on the basis of the price he paid for the holding when he first received it. Jonathan Mann, an American singer and songwriter, recently experienced a notable crypto loss due to the market crash. The musician behind the “Song A Day” project lost the $3 million he earned from the sales of Non-Fungible Tokens (NFTs) in part to crypto tax. From $3 Million Win to $1.1 Million Tax Consequently, Mann has turned his ordeal into a musical tale, advising other investors to be cautious. He shared his new track on X, recounting how he made the $3 million. According to the thread on the social media platform, the songwriter confirmed that he sold his entire back catalog as digital collectibles. Then, it vanished when the crypto landscape crashed during the Terra ecosystem collapse. “This is the story of how I made three million dollars and lost it,” Mann sings. “And how I owed the IRS more money than I made in 10 previous years.” Three years ago, Mann sold 3,700 songs at $800 each, generating roughly $3 million in Ethereum (ETH) from these sales. With so much excitement and a lack of preparation, the singer and his wife chose to HODL Ethereum. They expected the largest altcoin by market capitalization to surge in price. https://x.com/songadaymann/status/1930642287085674901 Instead of increasing as the couple had expected, the ETH price followed a downtrend pattern in January 2022. While the couple was still trying to figure out their next course of action—how much to sell or when to sell—the US Internal Revenue Service (IRS) came…

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Filed under: News - @ June 7, 2025 2:27 pm