Meta has slowly been announcing and rolling out its plans for its metaverse, and the latest have been met with disappointment from fans. Any metaverse NFT sales that take place through their platform Horizon Worlds will be subject to a 47.5% cut.
Horizon Worlds is set to be a key part of the new plans for the metaverse, and will be the virtual reality platform that brings everyone together. Plans are afoot to let some of the creators on this platform create and release NFTs and other digital assets.
While this seems like it might be a great way to share these assets, outrage emerged when it was revealed the cut that the company would be taking for these metaverse NFT sales.
All sales would have to be done through the Meta Quest Store, which charges a cut of 30%. On top of this, Horizon Worlds itself will charge an additional fee of 17.5%, meaning that Meta as a whole would take 47.5% of any NFT sale they facilitate.
This is astronomically high compared to other NFT platforms, that could charge as little as 2% as a cut. Meta has thus far defended their choice to put the cut so high, but it will be worth watching to see if it drops in the future if the wider NFT community refuses to engage with it.