UPDATED: March 11, 2024, 4:28 p.m. EDT
Mechanism Capital co-founder and partner Andrew Kang has sold 75% of his capital. HarambeNFT to a newly formed DAO, which plans to tokenize it.
Harambe was a gorilla at the Cincinnati Zoo who was killed by a zoo employee after a three-year-old boy entered the enclosure. Before his death, photographer Jeff McCurry took a photo of Harambe, which became a popular meme.
In May 2021, on the fifth anniversary of his death, McCurry sold seven photographs of Harambe as unique NFTs. In September, Kang purchased the collection’s first NFT and two months later said that he would like to see it split.
More than two years later, the initiative is finally coming to fruition. Kang sold 75% ownership of the NFT for $5 million and he will receive 25% of the split tokens. The remaining tokens will be airdropped to other meme tokens – TRUMP, PEPE, MOG and TOSHI – and will be used to provide liquidity on decentralized exchanges.
McCurry also supports the initiative. “$HARAMBE is split by my 1 of 1 NFT of Harambe’s most popular photo which has been viewed over 25 billion times,” he said. posted on. “May the memory of Harambe live forever. »
An NFT is split by locking the original NFT in a vault and issuing tokens that each represent an equal proportion of the NFT. While it is easy to split an NFT, it is much more difficult to cancel it. This often involves a majority of token holders voting to convert it back to an NFT in exchange for payment.
The DAO set up to support the initiative is called Harambe DAO. The tokens will be used for governance purposes within the DAO. The DAO said it donated $25,000 to the Dian Fossey Gorilla Fund.
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