Meta Issues Whooping 48% Charges for Sales on Metaverse
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Meta has announced the inclusion of a 30% sales fee for items that are sold through its Quest Store
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The company also disclosed that Horizon Worlds will charge a 17.5% fee for sales in the virtual world
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The company’s fees for the sale of virtual assets on Horizon Worlds significantly surpasses Apple’s charges for developers on its App Store
Facebook’s Parent company, Meta Inc has announced that it is planning to take a cut of up to 47.5% on the sale of digital assets on its metaverse platform, Horizon World.
The social media giant announced in a blog post on Monday that it will begin allowing some metaverse creators to sell items on Horizon World. The company’s statement however failed to confirm how much creators will be charged to sell in the virtual world.
According to CNBC, a spokesperson for the tech giant has now revealed that the company will take an overall cut of up to 47.5% on each transaction.
The cut is broken down into two parts. 30% will be charged for sales that are made through the Quest Store. While Horizon Worlds will charge a 17.5% fee.
The charges from the company have been labeled exorbitant by some Twitter users in the NFT community.
Read also: Forbes Teams up With FTX to Launch New NFT Collection
A user, with handle “Trading Female” said:
“If Meta wants 47.5% of NFT sales they gotta talk to the IRS because I don’t even have that after taxes.”
The current charge is significantly more than the 2.5% cut charged by OpenSea and 2% by LooksRare. It also trumps the 30% fee that Apple charges developers for in-app purchases via the App Store.
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