Two apes sell for $1M each, and the marketplace for ApeCoin is launched.

The associated DAO claims that rules are to blame for the U.S. appearing on a list of countries that are prohibited from using a planned website for ApeCoin staking.

After the US was added to a list of countries geo-blocked from using a future APE staking service, holders of ApeCoin $3.23 who are based in the US would lose out on staking rewards.

Horizen Labs, a provider of blockchain infrastructure, revealed the information in a Nov. 24 update regarding on Twitter, adding that “unfortunately, in today’s regulatory environment, we had no good alternative.” Horizen Labs is building the website for the ApeCoin decentralized autonomous organization (DAO).

On the list of countries to be blocked are also Russia, North Korea, Syria, Iran, Cuba, Crimea, Donetsk, and Luhansk, which are under Russian control.

There are probably methods to circumvent the geo-block. The update stated that “many alternative” interfaces are being developed by companies like exchanges and DeFi platforms and that the website is merely an interface to communicate with the Ethereum-based open-source smart contract.

Zeneca, a well-known Twitter user, informed their 312,000 followers that people from geoblocked areas can still stake using another geounrestricted interface or by directly engaging with the smart contract. Those who are in restricted areas might also spoof their location by using a virtual private network (VPN).

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

Selling two Bored Ape NFTs for each about $1 million
Even in the depths of Crypto Winter, some Bored Apes are still fetching high prices. At the time of sale on Nov. 23, an NFT from Yuga Labs’ renowned Bored Ape Yacht Club (BAYC) collection sold for 800 Ether $1,181, or about $950,000.

Deepak Thapliydal sold BAYC #232 to fictitious NFT collector “Keungz,” who appears to own several Yuga Labs NFTs based on their OpenSea profile.

The CEO of Web3 infrastructure business 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 collectible.”

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

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

As of this writing, the minimum price for a Bored Ape is little under 63 ETH, or over $75,600, which is 80% less in U.S. dollars than the price at which it reached its all-time high on May 1 of 144.9 ETH, or 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 called ApeCoin Marketplace, which allows transactions of the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections. The marketplace started on November 24.

Zach Heerwagen, CEO of Snag Solutions, stated in a discussion on Twitter on November 24 that the market “has unique features” designed exclusively for NFT communities, such as the ability to stake APE.

Heerwagen claims that the market “respects royalties while sharply cutting fees.” A multi-signature wallet is used to save 0.25% of each sale, which is then used to finance DAO projects.

The marketplace’s support for royalties comes as some other NFT markets, such the Magic Eden, which is based on Solana $14, and the LooksRare, which is based on Ethereum, stopped by default enforcing creative 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.

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