PANews reported on June 9 that according to Cointelegraph, musician Jonathan Mann made $3 million from NFT sales, but lost almost all of his money due to the collapse of the cryptocurrency market and tax issues. He wrote a song about this experience to warn crypto investors of tax risks.

In January 2022, Mann sold 3,700 songs as NFTs at a price of $800 per song, earning about $3 million in ETH. Due to the failure to realize the cash in time and the decline in the price of ETH, he faced the IRS's requirement to tax the full amount of income, with taxes as high as $1.095 million. To offset the tax, he mortgaged ETH to borrow through Aave, but lost 300 ETH in the chain liquidation caused by the collapse of the Terra ecosystem. In the end, he was forced to sell the Autoglyph NFT he bought in his early years for $1.1 million to pay taxes. Mann said that despite the heavy blow, he still insisted on creating and releasing NFT songs every day, looking forward to success again.