United States-based ApeCoin (MONKEY) holders could lose out on betting rewards after the US was added to the list of geo-blocked regions from using the upcoming APE betting service.
Blockchain infrastructure company Horizen Labs, which is building the website on behalf of the company ApeCoin decentralized autonomous organization (DAO), revealed the news in a Nov. 24 update regarding ApeStake.io on Twitter, saying, “Unfortunately, in today’s regulatory environment, we had no good alternative.”
Ape Staking Update: Big thanks to the talented community developers for their helpful improvements. The Bounty AIP bug has delayed us a bit, so we’ve shortened the pre-deposit time by a week to keep the original 12/12. Running alternative front-end sites. See tab. pic.twitter.com/mgmP7X3SwQ
— Horizen Labs (@HorizenLabs) November 24, 2022
Canada, North Korea, Syria, Iran, Cuba, Russia and the Russian-controlled regions of Ukraine, Crimea, Donetsk and Luhansk are also on the blocked list.
There are probably ways around the geoblock. The update states that the website is only an interface to interact with the Ethereum-based open-source smart contract, and “several other” interfaces are being created by parties such as exchanges and DeFi platform.
Prominent Twitter User “Zeneca” he said their 312,00 followers that people from ApeStake.io geo-blocked regions will be able to stake by directly interacting with the smart contract or using another interface without geo-blocks. Those in blocked areas could also use a virtual private network (VPN) to spoof their location.
The decision to block users in the US likely resulted from probe in October Securities and Exchange Commission (SEC) to Yuga Labs for APE creators. The regulator is investigating whether the company’s non-fungible tokens (NFTs) act more like securities and consequently violate federal law.
Two Bored Ape NFTs sell for nearly $1 million each
Meanwhile, some Bored Apes are still hitting high prices even during the deep crypto winter. NFT from Yuga Labs flagship Bored Ape Yacht Club (BAYC) collection sold for 800 Ether (ETH), or nearly $950,000 at the time of the November 23 sale.
BAYC #232 was sold to a pseudonymous NFT collector “Keungz” – who appears to own several NFTs at Yuga Labs according to their OpenSea profile — by Deepak Thapliydal.
— Keungz ❤️ Memeland ☠️ YGPZ ♀️ (@keung) November 23, 2022
Thapliydal is the CEO of Web3 infrastructure company Chain and has gained notoriety entry into the Guinness Book of Records for purchasing “the most expensive NFT collectible” after buying CryptoPunk #5822 for 8,000 ETH, or $23.7 million, on February 12th.
The sale of BAYC #232 was closely followed next Nov 24 for BAYC #1268 between two unidentified wallets for 780 ETH, or nearly $940,000 at the time of the sale.
The sales are significant as the NFTs are trading well above the current minimum price of the collection, which has seen a decline in recent months.
According to data from the NFT Price Floor, Bored Ape’s minimum price at the time of writing is just under 63 ETH, or about $75,600, and is down 80% in USD terms from its May 1 all-time high of 144.9 ETH, or more. $391,000 at the time.
ApeCoin DAO launches marketplace
A community-led DAO composed of ApeCoin holders has launched its own marketplace to buy and sell NFTs from the Yuga Labs ecosystem.
The aptly named ApeCoin Marketplace, built by NFT infrastructure firm Snag Solutions, launched on November 24 and supports transactions from the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections.
In a Nov. 24 Twitter thread, Snag Solutions CEO Zach Heerwagen said the marketplace “includes unique features” specifically for the NFT community, including the ability to stake APEs.
1/ The custom marketplace includes unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integration. pic.twitter.com/mem2ZsXNkt
— Zach | Zheerwagen.eth (@ZHeerwagen) November 23, 2022
According to Heerwagen, the market “respects royalties and significantly reduces fees”. A portion of 0.25% of each sale is held in a multi-signature wallet and used to fund DAO initiatives.
Others like OpenSea have continued to collect royalties and even created a tool to help NFT creators with on-chain royalty collection, allowing them to include the sale of their NFTs on free marketplaces.