Meta’s most recent foray into the Metaverse saw the development of a new app and perhaps NFT marketplace, which will collect a nearly 50% fee on each sale.
Meta has announced that each item sold on its new Meta Quest app store would be subject to a 47.5 percent fee, including nonfungible tokens (NFT) when they become available. On the Horizon Worlds platform, which Meta, previously Facebook, is utilising to develop its section of the Metaverse, the Meta Quest app store provides apps and games. On April 13, CNBC claimed that the store will also sell NFTs. The cost is made up of a 30 percent hardware platform fee per transaction and a 17.5 percent Horizon Worlds usage fee.
Potential clients are dissatisfied with what they perceive to be an excessively high cut. It was “the best example of being absolutely and utterly out of touch with something that I have ever experienced,” according to Pranksy, a popular NFT collector with nearly 400,000 Twitter followers.
The 'pretty competitive' 47.5% sales fee for @Meta's planned #NFT platform is perhaps the greatest example of being completely and utterly out of touch with something that I have ever witnessed. #ZuckBux #Hopeless – article via @BusinessInsiderhttps://t.co/RpqwE4EJ0E
— Pranksy 📦 (@pranksy) April 13, 2022
OpenSea, the most popular NFT marketplace, charges a flat 2.5 percent fee each transaction, while LooksRare, a close competitor, charges only 2 percent. Sales in Apple’s App Store are subject to a maximum 30% reduction.
Bytes from Coca-Cola
Coca-Cola has launched a new drink called Coca-Cola Zero Sugar Byte, which tastes like pixels and was supposedly created in the Metaverse. The drink’s gimmick as a Metaverse physical drink is that it comes with an Island Code that unlocks special areas and four mini games in Epic Games’ popular Fortnite video game. Epic just received a $2 billion investment from Sony and LEGO to help it construct its own Metaverse, albeit whether or not Fortnite is a metaverse at the moment is disputed.
The product line will be accessible solely in the United States, Latin America, and China when it launches on May 2.
What do you think 𝕡𝕚𝕩𝕖𝕝𝕤 taste like? Reply with your most creative guesses. pic.twitter.com/MJDZE4VHNm
— Coca-Cola (@CocaCola) April 4, 2022
Join the Mile-High NFT Club
Carrier asset tokenization platform TravelX has teamed with Spanish airline Air Europa to allow the airline to issue NFTickets in NFT form. Owners of the specially created batch of tickets will be able to fly business class to Miami Beach on November 29, 2022. The Travel Exchange auction platform will auction off a total of 10 NFTickets every 14 days, with the NFT collection issued on the Algorand blockchain network.
The final bid for the first NFTicket, which will be issued and auctioned during Paris Blockchain Week on April 14, will be held at the Eiffel Tower in Paris.
It’s possible that the NBA will go virtual
The NBA has filed a patent application for a long list of products it wants to turn into “virtual consumer merchandise.” Game tickets, memorabilia, and player signatures are among the 37 goods that could become NFTs. The large range of virtual items appears to be paving the way for the league to enter the Metaverse, with applications for everything save the playing field appearing to have been submitted.
NBA players have already been immortalised in NFT form on Dapper Labs’ NBA Top Shot.
Other Interesting Information
Sega, the Japanese gaming behemoth, wants to include cloud technology and NFTs into its Super Game initiative, which aims to connect several games. While some in the gaming community may celebrate the decision, others in the NFT community may disagree.
Genie, an NFT business with a $1 billion valuation, has raised $150 million in Series C funding. As a result, the NFT avatar maker and newcomer to the Metaverse is a verified tech unicorn.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.