Meta To Allow Sale and Purchase of Digital Assets on Metaverse

Mark Zuckerberg, the CEO of Meta, the parent company of Facebook and Instagram wants to make it simpler for people to spend and earn money on the virtual reality platform Horizon Worlds, which is a key component of Meta’s goal to create a “metaverse.”

The tech billionaire said in a video posted late Monday as part of a blogpost that Meta is testing new tools that will allow creators to sell virtual assets and experiences within the worlds they create on Horizon.

The new capabilities will be offered to a limited number of users of the company’s immersive platform, which can be accessed via virtual reality headsets.

These types of technologies, according to Meta, are an important step toward its long-term goal for the ‘metaverse,’ where creators can make a living and customers can buy.

However, the corporation has stated that it will charge creators up to 47.5% in fees to sell their virtual goods in its metaverse.

The virtual reality social network Horizon Worlds, has begun testing new capabilities that will allow creators to sell digital assets to people over 18 of age in the US and Canada, reports say. Attachable fashion accessories, for example, or purchased entry to a new portion of the world are examples of this.

Meta charges a 30% platform fee for sales made on Meta Quest, the company’s virtual reality system that was previously known as Oculus.

In addition, Horizon Worlds, Meta’s metaverse system, will take a 25% cut of the remaining funds. Horizon Worlds (previously Facebook Horizon) is a free online virtual reality game that allows users to create and explore virtual worlds.

The game was released on Meta’s Oculus VR headsets in the United States and Canada on December 9, although it has yet to be released globally. Companies and people have been buying anything from art to real estate in virtual worlds on portals like Decentraland and The SandBox during the last few months.

Meta intends to spend the next five to ten years creating an immersive virtual environment that includes scent, touch, and sound to allow users to lose themselves in virtual reality.

Land, buildings, avatars, and even names can be bought and sold as non-fungible tokens (NFTs), or blockchain-based virtual assets, in which the corporation competes with up-and-coming virtual world participants.

(Photo: Credit:Khanchit Khirisutchalual )

(Photo: Credit:  Hutangac , naratrip boonroung , Oselote )

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