‘Out of touch’: Meta plans near 50% fee for digital-asset sales in its metaverse
Link copied to
Facebook’s parent company Meta is planning to take a whopping great big cut on the sale of each digital asset sold on its virtual reality metaverse platform Horizon Worlds.
And Crypto Twitter is laying in the boot…
The 'pretty competitive' 47.5% sales fee for @Meta's planned #NFT platform is perhaps the greatest example of being completely and utterly out of touch with something that I have ever witnessed. #ZuckBux #Hopeless – article via @BusinessInsiderhttps://t.co/RpqwE4EJ0E
— Pranksy 📦 (@pranksy) April 13, 2022
At the moment, the Meta Quest app store sells apps, games and skins and the like on the Horizon Worlds platform. That’s Meta’s big metaverse play, which many predict to be a more centralised and “walled garden” experience than the crypto industry’s open and decentralised metaverse vision.
Meta’s digital-assets sales cut is split into a “hardware platform fee” of 30% per transaction plus a 17.5% usage fee on Horizon Worlds. It amounts to significantly more than the 30% Apple charges developers on its App Store.
Which is particularly rich, given what Facebook/Meta CEO and co-founder Mark Zuckerberg had to say about that in November:
“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.”
Of course, both these tech-giant fee structures pale in comparison to the kind of fees the cryptoverse is accustomed to. For instance OpenSea, the most popular NFT marketplace, takes a flat 2.5%, as does leading competitor Rarible, while LooksRare charges just 2% per transaction.
Here’s some more reaction from Crypto/NFT Twitter…
The future of work is giving Meta 47.5% of your salary, apparently.
— 6529 (@punk6529) April 12, 2022
47.5% for Facebook creator sale fees?
Yeah ok Zucky boy pic.twitter.com/uyGxqLB13c
— Nizzy🍌 (@NizzyNFT) April 12, 2022
If we pay the 47.5% transaction fee, can Meta at least give us the other half of our bodies? 😂 https://t.co/tU2MDEOPzX
— boredape93 (@boredape93) April 12, 2022
Facebook charging 47.5% for every NFT sale is the best thing to ever happen to us.
— Degentraland (@Degentraland) April 12, 2022