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

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. NFT Twitter Angry on Meta’s Metaverse Plans In a Monday blog post, 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 CNBC, 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. Just because you changed your name to Meta doesn’t mean you understand the value of Web3. 47.5% Creator Fees👀 I hate you Facebook. — TradingFemale.nft (@TradingFemale) April 13, 2022 If Meta wants 47.5% of NFT sales they gotta talk to the IRS because I don’t ev...