Jonathan Mann Faces $1.1M Tax Bill After NFT Sale Stalls

Crypto creator Jonathan Mann’s journey highlights the financial realities of NFTs and cryptocurrency volatility. Despite selling 4,000 tokenized songs for $3 million in Ethereum, his net proceeds were significantly impacted by a drop in the ETH price. This led to a substantial tax bill, prompting him to share his story on social media. 😥 🎧 The IRS calculations based on the cryptocurrency’s value at its initial purchase, not later, added to Mann’s financial stress. This ordeal underscores the urgent need for creators to convert their crypto earnings promptly to mitigate potential tax and liquidity challenges.