US stakers are geo-blocked from Apecoin, despite that two apes are sold for $1 million each.

Caption:  here’s what you need to know about the conflict between apecoin and the U.S. but still in demand.   #cryptocurrency #Apecoin #Horizenlabs #twoboredpes#NFTs #Blockchain #cryptobuying #NFTsworth#boredapeyc #NewNFTprofilepic #DAO#FTXCOLLAPSE

The related DAO claims that regulations are to blame for the U.S. appearing on a list of countries that are prohibited from using an upcoming website for ApeCoin staking. the United States ApeCoin 

Horizon Labs, a provider of blockchain infrastructure, revealed the information in a Nov. 24 update regarding ApeStake.io on Twitter, adding, “Unfortunately, in today’s regulatory environment, we had no good alternative.” Horizon Labs is building the website for the ApeCoin decentralised autonomous organisation (DAO). On the list of countries to be blocked are also Russia, North Korea, Syria, Iran, Cuba, Syria, Crimea, Donetsk, and Luhansk, which are all under Russian control. 

There are probably methods to circumvent the geo-block. The update stated that “several other” interfaces are being developed and that the website is only an interface to interact with the open-source smart contract built on Ethereum. by organisations like exchanges and platforms for decentralised finance (DeFi). 

Zeneca, a well-known Twitter user, informed their 312,000 followers that people from geoblocked areas can still stake by interacting with the smart contract directly or using an alternative interface. Those who are in restricted areas can spoof their location by using a VPN. 

The Securities and Exchange Commission (SEC) investigation into Yuga Labs, the company that created APE, likely had an impact on the decision to block U.S. users. The regulator is looking into whether the company’s nonfungible tokens (NFTs) behave more like securities and thereby break the law. 

Even in the depths of crypto winter, some Bored Apes are still fetching high prices. An NFT from the Bored Ape Yacht Club (BAYC) collection by Yuga Labs sold for 800 Ether. The CEO of Web3 infrastructure company Chain, Thapliydal, rose to prominence after purchasing CryptoPunk #5822 for 8,000 ETH, or $23.7 million, on February 12, breaking the Guinness World Records for purchasing the “most expensive NFT collectable.” 

Following the sale of BAYC #232 on November 24, BAYC #1268 was also sold for 780 ETH, or nearly $940,000 at the time of sale, between two unidentified wallets. 

The sales are significant because the NFTs sold well above the collection’s current floor price, which has been declining over recent months.

NFT Price Floor data show that the current minimum price for a Bored Ape is just under 63 ETH, or roughly $75,600, and is 80% of the market price. down in terms of dollars from its all-time high on May 1 of 144.9 ETH, which was more than $391,000 at the time. 

Launch of the ApeCoin DAO marketplace

A marketplace for buying and selling NFTs from the Yuga Labs ecosystem has been established by the community-led DAO made up of ApeCoin holders.

The NFT infrastructure company Snag Solutions created the aptly named ApeCoin Marketplace, which supports transactions of the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections. The marketplace launched on November 24.

Zach Heerwagen, CEO of Snag Solutions, stated in a thread on Twitter on November 24 that the market “includes unique features” designed specifically for NFT communities, such as the ability to stake APE. The marketplace’s support for royalties comes as several other NFT marketplaces, including the Ethereum-based LooksRare and the Solana-based Magic Eden, stopped by default enforcing creator royalties.

Others, like OpenSea, have persisted in enforcing royalties and even developed a tool to assist NFT developers with on-chain royalties enforcement, enabling them to block the sale of their NFTs on royalty-free marketplaces.