APE holders may miss out on stake rewards after the U.S. was added to a list of geo-blocked regions.
The ApeCoin decentralized autonomous organization (DAO) is building the site with the help of blockchain infrastructure company Horizen Labs. As of November 24, ApeStake.io was not an option due to the regulatory environment.
Russia and the Russian-controlled areas of Ukrainian, Crimean, Donetsk, and Luhansk are also blocked.
Geo-blocks can be circumvented. Websites such as exchanges and decentralized finance platforms (DeFi) are creating other interfaces to interact with the Ethereum-based smart contract.
According to Zeneca, those geo-blocked by ApeStake.io can still stake if they interact directly with the smart contract or use another interface without geo-blocks. VPNs can also be used in blocked regions.
U.S. users were likely blocked as a result of the SEC's investigation into APE creator Yuga Labs in October. Federal regulators are investigating whether the company's nonfungible tokens (NFTs) act like securities.
NFTs sold for nearly $1M each
Despite crypto winter, some Bored Apes still fetch high prices. A Yuga Labs BAYC NFT sold for 800 Ether
ETH $1,187, or almost $950,000 at the time of sale on Nov. 23.
By Deepak Thapliydal, BAYC #232 was sold to Yuga Labs collector Keungz, who appears to have multiple NFTs.
Thapliydal bought CryptoPunk #5822 for 8,000 ETH, or $23.7 million, on Feb. 12. Nearly $940,000 worth of ETH was traded between BAYC #232 and BAYC #1268 on Nov. 24 Known for making Guinness World Records. Since this sale, the collection's floor price has declined.
The price of Bored Apes is currently under 63 ETH, or $75,600, 80% below their all-time high of 144.9 ETH, or over $391,000.
The ApeCoin DAO launches
The Yuga Labs NFT marketplace is community-led. It features transactions for BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections.
Zach Heerwagen, CEO of Snag Solutions, said the marketplace includes "unique features" for NFT communities.
Heerwagen says the marketplace respects royalties while drastically reducing fees. The DAO uses 0.25% of each sale to fund its initiatives.
Magic Eden, an NFT marketplace based in Solana, and LooksRare, based in Ethereum, have also stopped enforcing creator royalties.OpenSea enforces royalties and even created a tool for NFT creators to block selling their NFTs on royalty-free marketplaces.