Non-fungible token (NFT) artist Jonathan Mann, known for the 'Song A Day' project, transformed his tax troubles into a cautionary song. Mann detailed how he earned $3 million selling his music catalog as NFTs, only to lose it during the Terra ecosystem crash. The IRS demanded more money than he had made in a decade. Mann sold 3,700 songs for $800 each in Ether, hoping for price increases. However, as ETH's value dropped, they faced tax implications. To cover losses, Mann used ETH as collateral for a loan, but the market crash wiped out 300 ETH. After struggling to settle a $1,095,171.79 tax bill, Mann sold a rare NFT to pay off the IRS. Despite setbacks, he remains optimistic about his NFT ventures. Read more AI-generated news on: https://app.chaingpt.org/news

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