Andrew Kang sells 75% of Harambe NFTs to DAO for $5 million so they can be tokenized.

Andrew Kang, co-founder and partner at Mechanism Capital, sold 75% of Harambe NFTs to a newly formed DAO that plans to tokenize them.

Harambe, a gorilla at the Cincinnati Zoo, was killed by zoo staff after a three-year-old boy entered his enclosure. Before his death, photographer Jeff McCurry took a photo of Harambe that became a popular meme.

In May 2021, on the fifth anniversary of his death, McCurry sold seven of Harambe’s photos as one-for-one NFTs. Mr. Kang purchased the first NFT from the collection last September and two months later presentation His plan to break it down.

After more than two years, the plan finally got underway. Kang sold 75% ownership of the NFT for $5 million and will receive 25% of the split tokens. The remaining tokens will be distributed as airdrops to other meme tokens such as TRUMP, PEPE, MOG and TOSHI and will be used to provide liquidity on decentralized exchanges.

McCurry also supports the plan. “$HARAMBE was split into 1/1 NFTs for Harambe’s most popular photos, which have been viewed over 25 billion times,” he said. Posted in. “I hope Harambe’s memory will last forever.”

NFTs are split by locking the original NFT in a vault and issuing tokens, each representing an equal percentage of the NFT. Splitting an NFT is easy, but undoing it is much more difficult. This often involves a majority of token holders voting to convert it back to an NFT in exchange for a payout.

The DAO set up to support this plan is called Harambe DAO. Tokens are used for governance purposes within the DAO. The DAO said it had donated $25,000 to the Dian Fossey Gorilla Fund.

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