A musician made $3 million by selling NFTs, but suffered significant losses due to taxes and market crashes Musician Jonathan Mann, who earned $3 million through NFT sales, almost lost all of his funds due to the cryptocurrency market crash and tax issues. He turned this experience into a song to warn cryptocurrency investors of tax risks. In January 2022, Mann sold 3700 songs as NFTs at a price of $800 each, earning approximately $3 million in ETH. Due to the failure to realize in a timely manner and the decline in ETH prices, he is facing the requirement of the US Internal Revenue Service to fully tax his income, with a tax amount of up to $1.095 million. To offset taxes, he mortgaged ETH to borrow through Aave, but lost 300 ETH in the chain liquidation triggered by the Terra ecosystem collapse. In the end, he was forced to sell his earlier purchased Autoglyph NFT for $1.1 million to pay taxes. Mann stated that despite being hit hard, he continues to create and release NFT songs daily, looking forward to achieving success again.