ApeCoin: Two Apes sold for $1 million apiece and marketplace established

    Simar Marwaha
    Simar Marwaha
    Published on November 25, 2022 8:37 PM

    Updated on January 10, 2023 2:14 PM

    In order to buy and sell NFTs from the Yuga Labs ecosystem, the community-led DAO comprised of ApeCoin holders has established its own market.
    ApeCoin: Two Apes sold for $1 million apiece and marketplace established
    Source: Zipmex

    In a November 24 update regarding on Twitter, blockchain infrastructure company Horizon Labs, which is developing the website on behalf of the ApeCoin decentralized autonomous organization (DAO), disclosed the information that US-based ApeCoin holders may lose out on staking rewards after their country was added to a list of nations geo-blocked from using an upcoming APE staking service.

    The geo-block can be bypassed in specific ways. The update said that "several other" interfaces are being developed by parties such as exchanges and decentralized finance (DeFi) platforms and that the website is merely an interface to engage with the Ethereum-based open-source smart contract.

    The Securities and Exchange Commission (SEC) investigation into Yuga Labs, which created APE, undoubtedly impacted 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.

    Other nations on the list

    The list of geo-blocked nations utilizing a forthcoming APE staking service includes several countries. These nations include:

    1. Canada
    2. North Korea
    3. Syria
    4. Iran
    5. Cuba
    6. Russia
    7. Ukraine
    8. Crimea
    9. Donetsk
    10. Luhansk

    Two Bored Ape NFTs Sold

    Even in the depths of a crypto cold, certain Bored Apes are still garnering exorbitant prices. At the auction on November 23, an NFT from Yuga Labs' renowned Bored Ape Yacht Club (BAYC) collection went for 800 Ether, or nearly $950,000. Deepak Thapliydal sold BAYC #232 to NFT collector Keungz, who owns several Yuga Labs NFTs based on their OpenSea profile.

    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 purchase, between two undisclosed wallets. The sales are essential since the NFTs sold much over the collection's current floor price, which has been declining over recent months.

    The debut of the ApeCoin DAO marketplace

    ApeCoin DAO has unveiled its white-label nonfungible token (NFT) marketplace. The community-led DAO has established a marketplace for buying and selling NFTs from the Yuga Labs ecosystem, comprised of ApeCoin holders. The NFT infrastructure company Snag Solutions created the appropriately 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.

    The site also provides vendors with a scaled-back cost structure. 5% transaction fees for ETH transactions. On ApeCoin transactions and holding, there are 25% fees. To create a positive feedback loop for ApeCoin holders, 25% of each sale in a multi-signature wallet will finance future decentralized autonomous organization (DAO) efforts.

    Heerwagen's original idea for an ApeCoin marketplace garnered 88% of the vote in support of building the platform for the community.