April 15, 2022
By Priyanka Shetty
Meta, the company formerly known as Facebook is planning to take a cut of up to 47.5% on the sale of digital assets on its virtual reality platform Horizon Worlds. This is an integral part of the company’s plans to develop a Metaverse.
Here is what we know:
Meta announced that it is testing new tools that allow creators to sell virtual assets and experiences within the worlds they build on Horizon Worlds, eventually this will include NFT’s as well.
A Meta spokesperson confirmed to a news source that, will take an overall cut of up to 47.5% on each transaction. That includes a “hardware platform fee” of 30% for sales made through the Meta Quest Store, where it sells apps and games for its virtual reality headsets. On top of that, Horizon Worlds will charge a 17.5% fee.
The size of the cut has vexed some in the NFT community leading to many tweets on social media venting about their frustration about the fee.
Other NFT marketplaces like OpenSea take a 2.5% cut of each transaction, while LooksRare charges just 2%.
Meta’s fees for the sale of virtual assets on Horizon Worlds are significantly more than Apple charges developers on its App Store.
In November, Zuckerberg said his company was going to try to help metaverse creators avoid Apple’s App Store fee.
About the author:
Based in Bengaluru, Priyanka Shetty is a freelance contributor to Blockchain Asset Review.