WAGMIOrNot
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🎶 He Made $3M in NFTs… Then Lost It All 💸💥
Jonathan Mann — aka “Song A Day” guy — lived the Web3 dream… until it turned into a tax nightmare.
⸻
💰 $3M Overnight
On Jan 1, 2022, Mann sold 3,700 songs as NFTs at ~$800 each.
That’s $3 million in $ETH . Pure NFT gold.
⸻
😬 No Exit, No Taxes
He didn’t cash out.
He and his wife held on, betting ETH would keep rising.
Instead?
📉 Market crash.
💀 $1.1M tax bill — based on ETH’s value at time of sale.
⸻
🏦 Tried DeFi, Got Liquidated
Used Aave to borrow against ETH.
But when ETH dumped, so did his collateral.
300 ETH liquidated. Gone.
⸻
🎤 So He Sang the Pain
Jonathan turned it into a song:
“I made $3M… and lost it all.”
The IRS bill? Exactly $1,095,171.79.
⸻
⚠️ DeFi Bros, Take Notes
Big gains mean big taxes.
No strategy = no money left.
Plan or perish. Even in a bull run. 🧠
⸻
#CryptoTax #NFTStory #Web3Fails #JonathanMann #WAGMIOrNot #IRS #CryptoLessons #DYOR
Jonathan Mann — aka “Song A Day” guy — lived the Web3 dream… until it turned into a tax nightmare.
⸻
💰 $3M Overnight
On Jan 1, 2022, Mann sold 3,700 songs as NFTs at ~$800 each.
That’s $3 million in $ETH . Pure NFT gold.
⸻
😬 No Exit, No Taxes
He didn’t cash out.
He and his wife held on, betting ETH would keep rising.
Instead?
📉 Market crash.
💀 $1.1M tax bill — based on ETH’s value at time of sale.
⸻
🏦 Tried DeFi, Got Liquidated
Used Aave to borrow against ETH.
But when ETH dumped, so did his collateral.
300 ETH liquidated. Gone.
⸻
🎤 So He Sang the Pain
Jonathan turned it into a song:
“I made $3M… and lost it all.”
The IRS bill? Exactly $1,095,171.79.
⸻
⚠️ DeFi Bros, Take Notes
Big gains mean big taxes.
No strategy = no money left.
Plan or perish. Even in a bull run. 🧠
⸻
#CryptoTax #NFTStory #Web3Fails #JonathanMann #WAGMIOrNot #IRS #CryptoLessons #DYOR
GalakPizza:
He didn't lose, he just laundered 3 million. Someone who could afford 3 million wouldn't let it go to waste by investing in worthless NFTs.
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