Meta, previously known as Facebook, plans to charge a total 47.5% fee on the sale of digital assets on its virtual reality platform Horizon Worlds, its main platform in the metaverse. The NFT community responded to the news on social media, with many outraged to discover the whopping fees the company plans to take from users.
<h2><strong>NFT Twitter Angry on Meta's Metaverse Plans</strong></h2>
In a Monday <a href="https://about.fb.com/news/2022/04/testing-creator-monetization-horizon-worlds/" target="_blank" rel="noopener">blog post</a>, CEO Mark Zuckerberg said Meta is testing features that allow creators to start testing tools to sell digital assets in order to make money on Horizon Worlds, a key part of its plan for creating a metaverse. At the time, the company, however, didn’t disclose its pricing plans.

In a latest report from <a href="https://www.cnbc.com/2022/04/13/meta-plans-to-take-a-nearly-50percent-cut-on-nft-sales-in-its-metaverse.html" target="_blank" rel="noopener">CNBC</a>, a Meta spokesperson said that the company will take an overall cut of up to 47.5% on each transaction which includes a “hardware platform fee” of 30% for sales made through the Meta Quest Store, which sells products for its Oculus Quest headsets including Horizon Worlds charging a 17.5% platform fee. That overall leaves the seller with just 52.5%.

The move has led to many in the NFT community expressing outrage at the exorbitant cuts the company plans to snatch from their pockets.

https://twitter.com/TradingFemale/status/1514034927154577408

https://twitter.com/notthreadguy/status/1514057577495158790

https://twitter.com/PuffYatty/status/1514026513368326151

Elsewhere, NFT marketplace OpenSea takes a 2.5% cut of each transaction, while rival LooksRare charges just 2%.
<blockquote>Commenting on the fees, Vivek Sharma, Meta's VP of Horizon reportedly told <a href="https://www.theverge.com/2022/4/11/23020684/meta-horizon-worlds-test-creators-sell-virtual-items-monetization" target="_blank" rel="noopener">The Verge</a>: <em>"We think it's a pretty competitive rate in the market. We believe in the other platforms being able to have their share."</em></blockquote>

Meta Wants to Take Nearly 50% Fee in Sale of Metaverse Items

Meta plans to charge a total 47.5% fee on the sale of digital assets on its virtual reality platform Horizon Worlds, its main platform in the metaverse.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Meta Wants to Take Nearly 50% Fee in Sale of Metaverse Items

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