By
Godfrey Benjamin
May 13th, 2024
Reports prove that the 47.5% fee contradicts Zuckerberg’s previous proclamations on what the metaverse will look like, as he was criticizing Apple’s 30% fee on transactions.
Meta, the parent company of social media giant Facebook, has unveiled plans to impose a fee of up to 47.5% on the sales of digital assets on Horizon Worlds, its virtual reality platform, according to a Wednesday report from CNBC. Horizon Worlds is the metaverse platform of Meta. The announcement follows the company’s plan to open up its virtual reality world of avatars to US and Canada-based creators who are up to 18 and above, allowing them to sell virtual assets within the worlds they build. These virtual assets may include NFTs.
47.5% Fee for the Horizon Worlds Metaverse Platform by Meta?
Although the company did not disclose full details regarding the amount it will charge creators on their virtual assets sales, a representative from the company unveiled on Wednesday that Meta will charge a total fee of up to 47.5% on each transaction. According to the Meta spokesperson, 17.5% of the total fee is apportioned as Horizon Worlds charges, meanwhile, the remaining 30% is the hardware platform fee for sales made through the Meta Quest Store, where it sells apps and games for its virtual reality headsets.
As much as Facebook’s idea to debut a Metaverse platform appears to excite the public, there are certain tendencies that the public frowns at the proposed rate on sales of digital assets within the Horizon Worlds.
The public seems threatened by the massive charge rate as many took to Twitter to express their displeasure on the size of the cut with a Tweet post warning others not to try to do the math, with another claiming to hate Facebook. One of the tweets reads;
“If Meta wants 47.5% of NFT sales they gotta talk to the IRS because I don’t even have that after taxes”
Meta’s plan to charge so much on digital sales can be subjected to a collection of reasons. The posted noted that Meta believes the rate is fair as it charges a standard platform fee of 30% for any sales made on Meta Quest. In addition, its metaverse platform, Horizon Worlds, will also charge 25% on top of that.
Reports prove that the 47.5% fee contradicts Zuckerberg‘s previous proclamations on what the metaverse will look like, as he was criticizing Apple’s 30% fee on transactions.
Zuckerberg’s previous comments read:
“As we build for the metaverse, we’re focused on unlocking opportunities for creators to make money from their work.”
“The 30% fees that Apple takes on transactions make it harder to do that, so we’re updating our subscriptions product so now creators can earn more,” he added.