US-based ApeCoin (APE) holders may miss out on staking rewards after the US was added to a list of geo-blocked regions for use of an upcoming APE staking service.
Blockchain infrastructure firm Horizen Labs, which is building the site on behalf of decentralized autonomous organization (DAO) ApeCoin, revealed the news in a Nov. 24 update to ApeStake.io on Twitter, saying “unfortunately, in the current regulatory environment, we had no good alternative.
Ape Staking Update: Many thanks to the talented developers in the community for their helpful improvements. Bug Bounty AIP has delayed us a bit, so we’ve shortened the pre-drop period by a week to keep our original 12/12 go-live. Putting alternative front-end sites online. See map. pic.twitter.com/mgmP7X3SwQ
— Horizen Labs (@HorizenLabs) November 24, 2022
Canada, North Korea, Syria, Iran, Cuba, Russia and Russian-held areas of Ukraine, Crimea, Donetsk and Luhansk are also blacklisted.
There are probably ways to circumvent geo-blocking. The update noted that the website is only an interface for interacting with the Ethereum-based open-source smart contract, and “several other” interfaces are being designed by parties such as exchanges and platforms. -DeFi forms.
Prominent Twitter User “Zeneca” Told their 312,000 subscribers than those in regions geo-blocked by ApeStake.io will still be able to stake by interacting directly with the smart contract or using another interface without geo-blocks. Those in blocked regions could also use a virtual private network (VPN) to spoof their location.
The decision to block US users likely stems from the Securities and Exchange Commission’s (SEC) October investigation of APE creator Yuga Labs. The regulator is investigating whether the company’s non-fungible tokens (NFTs) act more like securities and subsequently violate federal laws.
Two Bored Ape NFTs sell for nearly $1 million each
Meanwhile, some Bored Apes are still fetching high prices, even in the depths of Crypto Winter. An NFT from Yuga Labs flagship Bored Ape Yacht Club (BAYC) collection sold for 800 Ether (ETH), or nearly $950,000 at the time of sale on November 23.
BAYC #232 was sold to pseudonymous NFT collector “Keungz” – who apparently has multiple NFT Yuga Labs according to their OpenSea profile – by Deepak Thapliydal.
— Keungz ❤️ Memeland ☠️ YGPZ ♀️ (@keung) November 23, 2022
Thapliydal is the CEO of infrastructure company Web3 Chain and gained notoriety for setting the Guinness World Records for purchasing the “most expensive NFT collectible” after purchasing CryptoPunk #5822 for 8,000 ETH , or $23.7 million, on February 12.
The sale of BAYC #232 was closely followed by another on November 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 NFTs have sold well above the current collection price floor which has seen a decline over the past few months.
According to data from NFT Price Floor, the minimum price of a Bored Ape at the time of writing is just under 63 ETH, or around $75,600, and is 80% in US dollars from its high. May 1 history of 144.9 ETH. , or more than $391,000 at the time.
ApeCoin DAO launches the market
The community-driven DAO made up 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 infrastructure company NFT Snag Solutions launched on November 24 and supports transactions from BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections.
In a November 24 Twitter thread, Snag Solutions CEO Zach Heerwagen said the marketplace “includes unique features” specifically for NFT communities, including the ability to stake APE.
1/ The Custom Marketplace includes unique features designed specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations. pic.twitter.com/mem2ZsXNkt
—Zack | Zheerwagen.eth (@ZHeerwagen) November 23, 2022
The market “respects royalties while sharply reducing fees,” according to Heerwagen. 0.25% of each sale is held in a multi-signature wallet and used to fund DAO initiatives.
Related: Industry Expresses Confidence In NFT Space Amid FTX Collapse
The marketplace takeover of royalties comes as some other NFT marketplaces such as Solana-based Magic Eden (SOL) and Ethereum-based LooksRare have stopped charging creator royalties by default.
Others, like OpenSea, have continued to enforce royalties and even created a tool to help NFT creators enforce on-chain royalties, allowing them to blacklist the sale of their NFTs on royalty-free marketplaces. .