Once disparaging Apple due to the high discount on the App Store, Meta has surprised NFT investment by claiming to charge nearly 50% for each transaction of virtual items.
Under the plan to monetize virtual item sales in the Horizon Worlds platform, Meta (Facebook's parent company) said it would charge 47.5% of revenue per transaction. Of those, 30% are "hardware platforms" for the Meta Quest Store and 17.5% for Horizon Worlds.
According to CNBC, many users in the NFT community have cited the Meta indicator due to the excessive discount. "I hate you, Facebook", "If you have to pay 47.5% trading fees, at least Meta, give them the other half of my body" were some of the comments on Twitter about transaction fees on Horizon Worlds. In this platform, the user is represented by a virtual humanoid with no body underneath.
Meta plans to charge a 47.5% fee for each virtual item transaction in Horizon Worlds. Photo: Meta.
For comparison, Meta's discount is higher than Apple's 30% for the App Store, many times more expensive than NFT exchanges. For example, OpenSea "market" collects only 2.5% from each transaction, while LooksRare is 2%.
"We think that's a pretty competitive discount in the market," Vivek Sharma, Horizon Division Vice President at Meta told The Verge. Another user even said that Meta's discount is a "good thing" because many people will choose another platform to sell NFTs.
Horizon Worlds allows users to engage in interaction, conversation, and gaming in virtual reality using Oculus VR headsets. With a lot of 3D space, Horizon Worlds is an important foundation of Meta in the development strategy of the next 10 years metaverse. However, users can only experience this space with Oculus glasses for $ 300, the platform login information is linked to a Facebook account.
Currently, items in Horizon Worlds are not NFT (non-fungible tokens) but just like virtual in-game items such as costumes, paintings. However, Meta has plans to integrate NFT, aiming to compete with metaverses like Sandbox or Decentraland.
For comparison, Sandbox or Decentraland offer 5% and 2.5% discounts on transactions, respectively. With NFT items, buyers can resell them for a profit or suffer a loss. Some NFTs on Sandbox have very high values, for example land plots that were paid $4.3 million. Therefore, the 5% discount value will be more than the 47.5% rate from the 10 USD skins on Horizon Worlds.
CEO Zuckerberg once criticized Apple's 30% discount with the App Store. Photo: Meta.
When Facebook changed the company name to Meta in October 2021, CEO Mark Zuckerberg once criticized Apple's 30% discount on the App Store, claiming to help creators in the metaverse avoid this fee.
"When building the metaverse, we focused on the opportunity to help creators monetize their work. Apple's 30% fee on transactions makes that difficult, so we're updating it. subscription products so creators can make more money," Zuckerberg said.
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