Meta, the parent company of Facebook, intends to charge a 47.5% commission on sales of digital goods in the Horizon Worlds metaverse, CNBC reports, citing a company spokesperson.<\/p>\n
The fee structure comprises a 30% cut in favour of the Meta Quest Store, the app store for VR headsets, and a 17.5% commission for Horizon Worlds.<\/p>\n
On April 11 the corporation announced<\/a> that it had opened for some users the ability to create and sell virtual items in Horizon Worlds, including NFTs. The fee amount was not specified in the announcement.<\/p>\n The largest NFT marketplace by trading volume, OpenSea, takes 2.5% per transaction, while its competitor LooksRare charges 2%.<\/p>\n Apple takes a 30% cut on sales via the App Store. Meta CEO Mark Zuckerberg and other executives have previously criticised the company for the high fees.<\/p>\n In November 2021, Zuckerberg said the company aimed to help creators sidestep the high App Store fee.<\/p>\n \u201cAs we build the metaverse, we are focused on giving creators the opportunity to earn from their work. Apple\u2019s 30% transaction fee makes this difficult, so we are updating our subscription product to enable authors to earn more,\u201d he said.<\/p>\n<\/blockquote>\n Meta’s stated fee rate was higher than Apple’s, but Horizon vice president Vivek Sharma told The Verge<\/a> that it was \u201cquite competitive in the market.\u201d<\/p>\n The size of the Horizon Worlds fee provoked a furor in the community\u2014from sarcasm to outrage.<\/p>\n Just because you changed your name to Meta doesn\u2019t mean you understand the value of Web3.<\/p>\n 47.5% Creator Fees\ud83d\udc40<\/p>\n I hate you Facebook.<\/p>\n \u2014 TradingFemale.nft (@TradingFemale) April 13, 2022<\/a><\/p><\/blockquote>\n \n
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