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

Meta provides almost 50% commission for NFT sales

As reported by CNBC media, Meta confirmed on Monday that some creators of its virtual world Horizon Worlds it could now sell digital assets – including NFTs. The company’s metaverse project has been underway for some time, so it only makes sense for a buying and selling system to 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 who could have asked for a commission of 47.5%, on every NFT sale. These exorbitant fees include “costs of the hardware platformat 30%, if the player chooses to sell on the Meta Quest Store. In addition to the “classic” sales commissions applied by Horizon Worlds (17.5%).

For comparison, the fees charged by OpenSea, a leader in NFT sales, amounts to 2.5%. LooksRare, one of its rivals, only takes 2%. The nearly 50% taken by Meta therefore attracted particularly negative comments from the cryptocurrency community.

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

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

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

A new digital currency for Meta?

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

Instead, the currency (nicknamed “Zuck Bucks” by employees) could be offered in the form of internal tokens that are strictly controlled 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 decentralized finance (DeFi), but Meta Financial Technologies is working on a way to do it. offer small business loans.

Meta is currently looking to diversify its offerings as traffic to its flagship, Facebook, is in sharp decline. But one can obviously wonder if the company will be able to attract users with such high user rates …

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

Sources: CNBC, Financial Times

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About the author: Marine Debelloir

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Deputy Director of Cryptoast, I fell into the cryptocurrency pot a few years ago. I am passionate about the innovative technologies that come from the blockchain and I love to find the crispest information to share with you.
All articles by Marine Debelloir.

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