In a Monday blog post, CEO Mark Zuckerberg said Meta is testing features that allow creators to start testing tools to sell digital assets in order to make money on Horizon Worlds, a key part of its plan for creating a metaverse. At the time, the company, however, didn’t disclose its pricing plans.
In a latest report from CNBC, a Meta spokesperson said that the company will take an overall cut of up to 47.5% on each transaction which includes a “hardware platform fee” of 30% for sales made through the Meta Quest Store, which sells products for its Oculus Quest headsets including Horizon Worlds charging a 17.5% platform fee. That overall leaves the seller with just 52.5%.
The move has led to many in the NFT community expressing outrage at the exorbitant cuts the company plans to snatch from their pockets.
Elsewhere, NFT marketplace OpenSea takes a 2.5% cut of each transaction, while rival LooksRare charges just 2%.
Commenting on the fees, Vivek Sharma, Meta's VP of Horizon reportedly told The Verge: "We think it's a pretty competitive rate in the market. We believe in the other platforms being able to have their share."