Andrew Kang, co-founder and partner of Mechanism Capital, has sold 75% of his Harambe NFT to a newly established DAO with intentions to tokenize it.
Harambe gained notoriety as a gorilla at the Cincinnati Zoo, tragically killed by a zoo worker after a child entered his enclosure. Photographer Jeff McCurry captured a photo of Harambe before his death, which later became a widely circulated meme.
In May 2021, on the fifth anniversary of Harambe’s passing, McCurry auctioned seven photographs of Harambe as one-of-a-kind NFTs. Kang acquired the first NFT from this collection in September and subsequently announced plans to fractionalize it.
The Harambe NFT will be fractionalized
I am searching for a project manager to lead the $HARAMBE project. Apply via DM with a project plan and experience
💰💰 Retweet this post & follow for a chance to win $10,000 in $DOG if a project lead is found pic.twitter.com/NIa9qBVOHK
— Andrew Kang (@Rewkang) November 20, 2021
After more than two years, the initiative has finally come to fruition. Kang has sold 75% ownership of the NFT for $5 million, retaining 25% of the fractionalized tokens. The remaining tokens will be distributed via airdrop to other meme tokens — TRUMP, PEPE, MOG, and TOSHI — and utilized for liquidity provision on decentralized exchanges.
McCurry has expressed support for the project, stating, “$HARAMBE is fractionalized by my 1-of-1 NFT of Harambe’s most popular photo that has been viewed over 25 billion times. May Harambe’s memory live forever.”
Proud to announce I’ve just sanctioned & given rights to @HarambeApes
$HARAMBE is fractionalized by my 1-of-1 NFT of Harambe’s most popular photo that has been viewed over 25 billion times
May Harambe's memory live forever. ❤️🦍 pic.twitter.com/HsG5f1YmMM
— Jeff McCurry (@jeffmccurry9) March 10, 2024
Fractionalizing an NFT involves locking the original NFT in a vault and issuing tokens, each representing a proportional share of the NFT. While fractionalization is relatively straightforward, reversing the process is more complex and typically requires a majority vote of token holders in exchange for compensation.
The DAO established to facilitate this initiative is named the Harambe DAO, with its tokens serving governance functions within the organization. The DAO has also announced a $25,000 donation to the Dian Fossey Gorilla Fund.
