Meta Plans to Charge 47.5% Fee for NFT Sales on VR Platform Horizon Worlds
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- OpenSea costs 2.5% for every transaction.
- NFT community has expressed varied feelings online.
On the virtual reality platform Horizon Worlds, Meta expects to take a 47.5 percent share, leaving the NFT author with 52.5 percent of the sale’s earnings. The company’s ambition to build a metaverse includes the production of NFTs.
Horizon Worlds, which is now exclusively accessible in the United States and Canada, is being tested for virtual sales by Meta as per a blog post on April 11. According to the announcement, creators will be able to sell items like avatar fashion accessories and exclusive access to their virtual environments.
Hardware Platform Fee+Sales Fee
Meta Quest, previously known as Oculus, levies a platform fee of 30% for purchases made on Meta Quest. A “hardware platform fee” is what the business labels for purchases made via the Meta Quest Store, where it offers virtual reality headset applications and games. A 17.5 percent sales fee from Horizon Worlds will also be included.
Artists at Meta have been allowed to sell virtual assets, which may one day be NFTs, inside the metaverse environments they have created. As a result of the revelation, the NFT community has expressed varied feelings online. Some believe that Meta has priced itself out of the market and removed itself from the creator economy.
Currently, the most popular NFT markets charge a much lower transaction cost. For example, when it comes to fees, OpenSea costs 2.5% for every transaction, LooksRare charges 2%, and Binance NFT charges merely 1%. If you recall, Meta’s CEO Mark Zuckerberg and other corporate officials have previously blasted Apple for charging developers a 30 percent fee for in-app purchases made via the App Store.
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