In October 2021, Meta, formerly Facebook (NASDAQ:FB), announced its big push into the metaverse, paving the way for other venture capitalists to enter the virtual world. After incentivizing its Horizon Worlds, Meta could take almost 50% commissions on the sale of digital assets.
Meta Monetizes its Horizon Worlds Platform
On April 11, Meta announced that it was testing new tools to allow creators to monetize and earn money from the Horizon Worlds, part of its “metaverse” in development.
In the post, Meta revealed 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 hope to capitalize on Meta’s virtual world.
Meta Plans to Take Nearly 50% Commissions
However, the official post from Meta did not specify how much of a cut it would take for those purchases.
According to a Meta spokesperson, the company is looking to take a 47.5% cut of all virtual asset sales made within its Horizon Worlds platform.
Meta looks to charge a 30% hardware platform fee for sales made via the Meta Quest Store and a 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 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.
