Facebook Wants to Take Massive Cut of Any Sales in the “Metaverse”

(NewsReady.com) – As Meta, Facebook’s parent, begins to create its “metaverse” where people and businesses will gather in a virtual world, hang out, and sell their wares, more details are coming to light. Specifically, Mark Zuckerberg plans to take up to a 47.5% cut out of profits earned in Horizon Worlds within the digital platform.

On April 11, Meta announced the tax of nearly half of each transaction. The sales may include non-fungible tokens (NFTs) in the future, and the announcement has many in the community upset.

NFTs are digital assets people can buy, sell, and hold on the blockchain. They differ from cryptocurrencies in that they are unique, collectible, and typically in the form of art or music. Artists and others create these one-of-a-kind assets digitally, earning a profit upon each sale. If Meta takes a hefty chunk of the profit, it will far exceed the fees charged elsewhere — usually around 2% to 2.5%.

Following the announcement, the NFT community took to Twitter, responding with outrage. Someone said they don’t even have that much profit left after fees and paying taxes, and the other simply said, “I hate you Facebook.”

Horizon Worlds published the virtual world in December 2021 in the United States and Canada.

Copyright 2022, NewsReady.com