Meta expects a 47.5% commission for NFT sales in its metaverse

Meta expects almost 50% commission for NFT sales

As CNBC media reports, Meta confirmed last Monday that some creators of its Horizon Worlds virtual world could now sell digital assets – including NFTs. The company’s metaverse project has been underway for some time, so it only makes sense that a buy and sell system would be tested bit by bit.

But what Meta hasn’t officially announced is how the company will make money from those sales. The group confirmed to CNBC that he could ask for a commission of 47.5%, on every NFT sale. These exorbitant fees include “hardware platform feesat 30%, if the player chooses to sell on the Meta Quest Store. As well as “classic” sales fees applied by Horizon Worlds (17.5%).

For comparison, the commissions applied by OpenSea, the leader in NFT sales, amount to 2.5%. LooksRare, one of its rivals, only takes 2%. The nearly 50% taken by Meta therefore drew particularly negative comments from the crypto community.

Vivek Sharma, Vice President of Horizon, however, confirmed that he did not see where the problem was:

We think that is a fairly competitive rate for this market. We believe that other platforms will be able to have their share.»

👉 To go further – Metaverse: understanding these virtual worlds based on blockchain and NFTs

A new digital currency for Meta?

Last week, we also learned that Meta wanted to launch a new digital currency, also dedicated to the metaverse. The company seems to have been burned by the total fiasco that was the Libra / Diem project. So it would seem that it does not plan to use the blockchain.

Instead, the currency (dubbed “Zuck Bucks” by employees) could be offered in the form of internal and strictly controlled tokens by the company. It would therefore be more a video game currency as you can find in the area.

Meta is also credited with lending ambitions. Again, it will certainly not be about decentralized finance (DeFi), but Meta Financial Technologies is working on a way to offer loans to small businesses.

Meta is currently trying to diversify its offerings as traffic to its flagship, Facebook, is down sharply. But one can obviously wonder if the company will be able to attract users with such high user fees…

👉 Related – Meta sued for fake crypto ads posted on Facebook and Instagram

Sources: CNBC, FinancialTimes

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About the Author : Marine Debelloir


Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
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Meta expects a 47.5% commission for NFT sales in its metaverse

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