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Meta Will Take a Commission of Nearly 50% from Purchases Made in its Metaverse

In October 2021, Meta, formerly Facebook, announced its big push into the metaverse, paving the way for other venture capitalists to enter the virtual world. After incentivizing its own ‘Horizon Worlds, Meta could be set to take almost commissions of almost 50% from digital asset sales.

Meta Monetizes Its Horizon Worlds Platform

On April 11th, Meta announced that it was testing new tools that would allow creators to monetize and earn money from Horizon Worlds (part of its “metaverse” in development).  

In the post, Meta revealed that it was implementing tools to enable creators to sell their non-fungible tokens (NFTs) and digital assets through its Horizon Worlds platform.

With Meta owning three out of the top five social media platforms ranked by monthly active users (MAU), many content creators and vendors across the globe are hopeful of capitalizing on Meta’s virtual world.

Meta Plans to Take Nearly 50% Commissions

The official release from Meta did not specify what kind of cut it would look to take from such purchases.

According to a Meta spokesperson, the company could be looking to take as much as a 47.5% cut from all virtual asset sales made on its Horizon Worlds platform.

Meta allegedly intends charge a 30% hardware platform fee for sales made via the Meta Quest Store, and a further 17.5% fee for Horizon Worlds.

On the Flipside

  • Meta has come under intense fire from members of the NFT community, who pointed to rivals OpenSea which only takes 2.5% for each transaction, and LooksRare, which charges just 2%.

Why You Should Care

Being a very competitive market, Meta would need to drop its commissions if its virtual world is to compete with other existing platforms.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.