{"id":43918,"date":"2025-06-07T20:00:35","date_gmt":"2025-06-07T17:00:35","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=43918"},"modified":"2025-06-07T14:26:22","modified_gmt":"2025-06-07T11:26:22","slug":"musician-made-3m-from-nfts-lost-it-all-to-taxes-and-a-crash","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/musician-made-3m-from-nfts-lost-it-all-to-taxes-and-a-crash\/","title":{"rendered":"Musician Made $3M from NFTs \u2014 Lost It All to Taxes and a Crash"},"content":{"rendered":"<p data-start=\"1587\" data-end=\"1735\">NFT artist <strong data-start=\"1598\" data-end=\"1615\">Jonathan Mann<\/strong> turned a crypto nightmare into music after losing <strong data-start=\"1666\" data-end=\"1680\">$3 million<\/strong> from NFT sales due to taxes and the 2022 market crash.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/musician-made-3m-from-nfts-lost-it-all-to-taxes-and-a-crash\/#Big_Gains_Bigger_Tax_Bill\" title=\"Big Gains, Bigger Tax Bill\">Big Gains, Bigger Tax Bill<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/musician-made-3m-from-nfts-lost-it-all-to-taxes-and-a-crash\/#Rare_NFT_Saves_the_Day\" title=\"Rare NFT Saves the Day\">Rare NFT Saves the Day<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"1737\" data-end=\"1771\"><span class=\"ez-toc-section\" id=\"Big_Gains_Bigger_Tax_Bill\"><\/span>Big Gains, Bigger Tax Bill<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1773\" data-end=\"2009\">On <strong data-start=\"1776\" data-end=\"1792\">Jan. 1, 2022<\/strong>, Mann sold 3,700 songs for about <strong data-start=\"1826\" data-end=\"1847\">$3 million in ETH<\/strong>. Expecting prices to rise, he held the tokens instead of selling. When ETH dropped and <strong data-start=\"1935\" data-end=\"1957\">IRS demanded $1.1M<\/strong> in taxes based on the original value, panic set in.<\/p>\n<hr \/>\n<p data-start=\"2011\" data-end=\"2200\"><em>You Might Be Interested In: <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/elon-musk-talks-about-the-name-of-a-new-memecoin\/\">Elon Musk Talks About the Name of a New Memecoin!<\/a><\/span><\/em><\/p>\n<hr \/>\n<p data-start=\"2011\" data-end=\"2200\">Trying to avoid selling at a loss, Mann borrowed against his ETH via <strong data-start=\"2080\" data-end=\"2088\">Aave<\/strong> \u2014 but the <strong data-start=\"2099\" data-end=\"2117\">Terra collapse<\/strong> triggered a cascade that liquidated his collateral. He lost <strong data-start=\"2178\" data-end=\"2199\">300 ETH instantly<\/strong>.<\/p>\n<h2 data-start=\"2202\" data-end=\"2232\"><span class=\"ez-toc-section\" id=\"Rare_NFT_Saves_the_Day\"><\/span>Rare NFT Saves the Day<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2234\" data-end=\"2407\">With the IRS looming, Mann sold a <strong data-start=\"2268\" data-end=\"2290\">rare Autoglyph NFT<\/strong> for <strong data-start=\"2295\" data-end=\"2311\">$1.1 million<\/strong> to cover the tax debt. Thanks to his prior losses, the sale triggered <strong data-start=\"2382\" data-end=\"2406\">no capital gains tax<\/strong>.<\/p>\n<p data-start=\"2409\" data-end=\"2520\">Now, Mann is back to writing daily songs and minting NFTs, still hopeful for a second chance at crypto success.<\/p>\n<hr \/>\n<p data-start=\"2409\" data-end=\"2520\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<span style=\"color: #0000ff;\"><a href=\"https:\/\/t.me\/coinengineernews\">Telegram<\/a><span style=\"color: #000000;\">,<\/span>\u00a0<a style=\"color: #0000ff;\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">YouTube<\/a><\/span><span style=\"color: #000000;\">,<\/span>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"color: #0000ff;\">Twitter<\/span><\/a>\u00a0channels for the latest<span style=\"color: #0000ff;\">\u00a0<a style=\"color: #0000ff;\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a><\/span>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NFT artist Jonathan Mann turned a crypto nightmare into music after losing $3 million from NFT sales due to taxes and the 2022 market crash. Big Gains, Bigger Tax Bill On Jan. 1, 2022, Mann sold 3,700 songs for about $3 million in ETH. Expecting prices to rise, he held the tokens instead of selling.<\/p>\n","protected":false},"author":28,"featured_media":37987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[17653,17654,17659,17658,2680,17652,105,6652,17651,103,17655,17657,17656,12971],"class_list":["post-43918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-aave-liquidation","tag-autoglyph","tag-crypto-income","tag-crypto-story","tag-crypto-taxes","tag-eth-crash","tag-ethereum","tag-irs","tag-jonathan-mann","tag-nft","tag-nft-artist","tag-nft-earnings","tag-song-a-day","tag-terra-collapse"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Musician Made $3M from NFTs \u2014 Lost It All to Taxes and a Crash - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/musician-made-3m-from-nfts-lost-it-all-to-taxes-and-a-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Musician Made $3M from NFTs \u2014 Lost It All to Taxes and a Crash - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"NFT artist Jonathan Mann turned a crypto nightmare into music after losing $3 million from NFT sales due to taxes and the 2022 market crash. 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