Team Zuckerberg is busy fine-tuning its upcoming Horizon Worlds metaverse at Meta HQ. Most importantly, planning how to extract as much money as possible from its consumer base.
Meta has announced that its artists will be able to monetise virtual content through the platform. As a result, more revenue can be generated by selling in-game objects, wearables, experiences, unlockable content, and visual effects.
All of this added possibility, however, comes at a cost, since Meta intends to take a sizable chunk of the pie. In essence, producers will be charged an initial ‘platform fee’ by the app on which their work is hosted. Then Meta will take a whopping 25% of whatever is left over. A purchase made through the Meta-owned Quest store, for example, would be subject to a 30% platform tax. Meta would then take an additional 25% of what’s left, leaving the inventor with little over half of the funds.
Facebook charging 47.5% for every NFT sale is the best thing to ever happen to us.
— Degentraland (@Degentraland) April 12, 2022
Meta has stated that they believe this is a reasonable price; nevertheless, the Web3 community is divided. Horizon VP Vivek Sharma said in a statement that has since been mocked mercilessly on Twitter, “We think it’s a reasonably competitive rate in the industry.” Meta is risking the wrath of the blockchain community, given that the normal charge for a purchase on an existing NFT marketplace is roughly 2.5 percent.
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