Meta plans to take around 50% of commission purchases made inside the Metaverse

Meta should take 47.5% commission on purchases inside the Metaverse
Source: New York Post

Meta Platforms Inc. plans to take about a 47.5% discount on digital products on Horizon Worlds, which is its virtual reality platform. In turn, it’s a crucial part of the social media giants’ plans to create what they call the “metaverse.” The company made announcements about this on Monday, April 11 in a blog post. In the Publish, they mentioned that they were leaving some of the creators of Horizon World sell virtual assets. Horizon World is a free online virtual reality video game that allows people to create and explore virtual worlds. This would be in-universe, and could include NFTs. But, the giant was unable to indicate in the message how much it would charge creators to sell their products.

On Wednesday, April 13, a Meta spokesperson confirmed that the company would charge an aggregate discount of up to 47.5% on each transaction. This would include a 30% “hardware platform” fee for sales made through the Meta Quest Store. This is where he sells applications and games for virtual reality headsets. Additionally, the Horizon World platform would charge a fee of 17.5% more. Obviously, the size of the cut has infuriated some in the NFT community by specifying them the entire cut.

A A Twitter user wrote: “I hate you Facebook.” Another mentioned“If Meta wants 47.5% of NFT sales, they have to talk to the IRS because I don’t even have that after taxes.”

Over the past few months, various companies and people have constantly tried to make the most of everything from real-world art to virtual worlds. Specifically, these entities aim to make the most of it on platforms such as Decentraland and The SandBox. Hip-hop star Snoop Dogg had purchased virtual land in The SandBox. Incidentally, a fan paid $450,000 last December to buy land right next to him on this platform. Meta Vice President of Horizon, Vivek Sharma said that with the current competitiveness in the market, the company on other platforms can get its share.

Obviously, the fees charged by Meta for selling virtual assets on the VR platform are way above the commission charged by Apple to developers on the App Store. Previously, CEO Zuckerberg and other company executives criticized Apple for charging developers a 30% fee for in-app purchases on its App Store. Additionally, he said Meta is trying to help metaverse creators avoid App Store fees charged by Apple.

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Aurora J. William