Bettors are going wild over the NFT Gambling Apes. They offer unique benefits and have taken Twitter by storm, adopting a meme culture that has captured gamblers’ imaginations.
Are they worth the .28 Etherium for their purchase and does it make sense when gambling online to take a piece of the Gambling Ape NFTs? Let’s dive in.
Gambling Apes Banned at Open Sea
As of April 2022, Gambling Apes can not be traded at Open Sea, and neither can any Sand Vegas Casino Club NFTs. Sand Vegas is the creator of the popular NFT and Open Sea is the most popular NFT marketplace on the web. Why the bad blood?
Crypto Gambling’s Legality
Basically, the Securities and Exchanges Commission or SEC says that Gambling Apes may be doing something illegal and unprecedented with their NFT and crypto-backed casinos.
The Gambling Apes are still in circulation, and stopping the blockchain will be tougher than a couple slaps on the wrist.
Is Gambling Apes Casino Still Functional?
Yes, and the company is planning a version two of the casino with better user experiences and games. They made comments on this announcement as recently as May 4th 2022. The Casino will focus on game development, speed and possibly NFT trading for the Gambling Apes since Open Sea gave them the boot.
— TragicGenius (@Savage_SLays) May 4, 2022
Is Casino Profit Sharing Legal?
In short, no. With crypto currency it’s difficult to track and even harder to stop. Currently, the SEC is outspoken on its goal of stopping crypto gambling profit sharing, but Gambling Apes Casino is still up and the NFTs are still functioning and being traded privately. It’s not likely they’ll target specific people, but the organization as a whole.
What are Gambling Apes NFT’s, and What Do They Offer?
These NFT’s are tradable at other NFT platforms like Gate.io, but they’re also getting specific value from the gamblingapes.com crypto casino.
While they are a well branded NFT, their value is tied to revenue share of the Gambling Apes crypto casino.
- Basically, they’re an NFT that makes you a small part owner in an online casino dealing in crypto.
- You also become part of the Bet Max Club at the online casino
- You can resale the NFT, which is down below launch value as of May 2022
What if the Gambling Apes Casino is Taken Down?
The Casino itself is run on a blockchain smart contract. Web 3 sites are not easily removed and often have auto regenerative builds if taken down. The blockchain for the Gambling Apes casino, and your Gambling Apes NFT revenue share will still be intact and likely back up within the day.
How Much are Gambling Apes NFTs Worth?
Gambling Apes opened at .5 ETH back in September 2021 but are currently valued at .28 ETH. in US dollars, this comes to $660 today versus the opening price of $1400.
The Reported Revenue Share of Gamblingapes.com Crypto Casino
Since you get a revenue share of each Gambling ape NFT you own, what is the return on your $660 investment.
They report that the 7,777 NFTs split 70% of the earnings of the Crypto casino at Gamblingapes.com.
- Distributions happen on the 7th of each month
- 10% of the remaining cash is stored for jackpot wins at the casino
- Parties in meatspace
- 2nd Generation NFTs if Sands can ever mint any
- Merchandising, like shirts and hats
- Betting Picks and gambling advice
How Much Money is Gambling Apes Payout Each Month?
Unfortunately, how much money is being made is unclear. There are reports of very high profits, but then why would anyone ever sell for .28 ETH?
Opensea says they’re worth .28, the market is showing something closer to .5 Etherium. If the gamblingapes.com market share is anything worthwhile, why would anyone sell for .5 ETH?
Should I Buy a Gambling Ape NFT?
It comes down to risk and preference. Some bettors aren’t interested in doing things that aren’t fully legal, in which case the NFT gambling space will have to wait. However, those on the cutting edge have to be excited for this kind of gambling subversion.
I Should Buy a Gambling Ape NFT if..
Buy the Gambling Ape NFT if you’re excited about new things.
The Gambling Ape NFT could change SEC laws and the way we think about privacy in NFT ownership.
I Shouldn’t Buy a Gambling Ape NFT if…
Everything in the above paragraph scares you. The SEC could fine the Gambling Apes casino and who knows if they’ll try to make an example of the owners and holders of said NFT.
If version 2 of the Gambling Apes Casino flops, you could be left holding a $600 photo of an ape that gives you 70% of nothing every month on the seventh.