The item we're looking at is the moonfang mount, it's supposed to disappear after the darkmoon faire is over and you're not supposed to be able to use it afterwards either.
If you keep your bags full and loot moonfang, all the items will be sent to your mail box instead. After the faire is over you can take the mount out whenever and continue to use it. The only drawback I've seen so far, is if you run into a loading screen or log out the mount disappears. Which is why you can stock up on multiples and have a supply of them as needed.
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