Meta To Take Cut Of 47.5 Percent On Sale Of Digital Assets On Its VR Platform Horizon Worlds

Earlier this week, we reported that Meta was testing selling virtual goods in its virtual reality platform Horizon World. In a blog post the company shared on Monday, it said that “As part of our ongoing commitment to support creators, we’re beginning to test several new tools that will enable creators to experiment with different ways to monetize what they’re building in Horizon Worlds. While we’re launching this today as a test with a handful of creators to get their feedback, these types of tools are steps toward our long-term vision for the metaverse where creators can earn a living and people can purchase digital goods, services, and experiences.”

Now Meta has revealed plans to take a cut of up to 47.5 percent, almost 50 percent, on the sale of digital assets on its virtual reality platform Horizon Worlds. According to a company’s spokesperson, the company will take a total cut of up to 47.5 percent on every transaction. Broken down, it includes a hardware platform fee of 30 percent for sales made via the Meta Quest Store (the company sells apps and games for its virtual reality headsets here), and the remaining 17.5 percent is a fee from Horizon Worlds.

The latest development has caused uproar in the “metaverse” and people are turning to social media to pour out their opinions on the development.

As announced in its blog post on Monday, Meta will allow Horizon Worlds creators to sell virtual assets including NFTs. It however did not say if it’d charge creators to sell their virtual wares. OpenSea, one of the biggest NFT marketplaces charges only 2.5 percent on every transaction. LooksRare, another marketplace, charges only 2 percent.

The metaverse grows bigger as the day goes by, with companies and individuals looking to get their hands on it, one way or the other. The metaverse may as well be the biggest thing after cryptocurrencies. Talking about cryptocurrencies, recently, Justin Bieber alongside other A-list celebrities made an accumulated investment of over $80 million in MoonPay. The platform allows users to buy and sell cryptocurrency on its platform using credit cards, bank transfers or other generally acceptable payment options.