With Facebook’s new virtual reality game, Horizon Worlds, Meta has announced a deal to take 47.5% of all virtual transactions in the game. OpenSea, meanwhile, plans to take 2.5%. The two companies have been working on the game for about six months. meta worlds nft openseavan boomcnet
Horizon Worlds
The Facebook-owned Horizon Worlds has finally opened its doors to users of legal age in the United States and Canada. The company is also testing the possibility of selling in-world virtual items to players. The company will take a cut from the sales, but it does not mention what the price will be.
The game will soon expand to other European countries. In the meantime, it will remain free for U.S. citizens. The company is also working to bring the game to mobile phones. It will also be coming to gaming consoles later this year. In the meantime, players can try it out now.
The fees are significantly higher than the 30% cut Apple takes from developers on its App Store. In the past, Meta CEO Mark Zuckerberg has criticised Apple for charging developers such a fee, and has worked to get developers to pay less. Nonetheless, the fees charged by Meta are far higher than those of the leading NFT marketplaces. meta worlds nft openseavan boomcnet
Facebook’s new virtual reality game
Facebook has announced plans to make its social network available in virtual reality. The social network is working with game engine developer Unity to help developers create content for VR. It has also announced that it will bundle its “Create with VR for Educators” tool with its Quest 2 devices for educational institutions. The company is also working with VictoryXR, Byju’s FutureSchool, the Urban Arts Partnership, and the Peace Literacy Institute to create new virtual reality games for education.
Meta, the company’s new name, is based on the sci-fi term metaverse. It describes a future where humans can live, work, and play in a virtual world. Meta will allow users to create legless avatars and interact with other avatars. However, the social network has struggled to get traction in the virtual reality market. To combat this problem, the company is making the metaverse its focus.
Metaverse monetization plans
As the metaverse grows, there are different monetization plans for creators. Some of them rely on creator fees while others are more dependent on advertising. For example, Horizon has recently announced Wendy’s as its first advertiser. The company has not yet announced how much of its revenue comes from advertising, but the company sees the nascent metaverse delivering higher revenues as time goes by. meta worlds nft openseavan boomcnet
The company is testing new tools for creators to sell digital assets and experiences. Additionally, it is testing a bonus program for world builders. If these tools work, Meta will take a 30% fee from the creators’ sales of digital assets. In addition, Meta will take 17.5% of the sales made through its Horizon Worlds.
NFTs in Horizon Worlds
One of the biggest concerns for many people is the possibility of charging for NFTs in Horizon Worlds. The creators of the game have defended their system, saying that it’s designed to encourage sharing. Even so, some people aren’t sure if it will work. While Horizon Worlds has yet to release an official payment system, its chief executive Adam Mosseri has said that NFTs won’t be charged in the game.
Another problem with non-fungible tokens is their low liquidity. To avoid this, many game developers have created a platform that works with cryptocurrencies like Bitcoin. But developers should be aware that many of these services have hefty fees. In the case of Horizon Worlds, Meta plans to take almost 50% of the NFT transaction fee. It’s also planning to charge a 30 percent hardware platform fee for its Meta Quest store. This is significantly higher than what other NFT marketplaces charge.
Facebook’s plans for a frictionless onboarding experience
Facebook’s new metaverse team was announced in August, and chief executive Mark Zuckerberg has given it a high-level job title: chief technology officer until 2022. The team will focus on making it easy to join Meta worlds and create and sell virtual collectibles. The company is also exploring subscriptions and memberships for creators. The move comes as Facebook faces competition from rival social media platform TikTok. TikTok has grown faster than Facebook, and its influencers pose a threat to the company’s advertising-based business model. Facebook earns an estimated $118 billion annually through ads.
While Facebook has not clarified which wallets and blockchains it will accept, it is expected that it will integrate NFT functionality the same way it did with Instagram. Wallets such as Rainbow, MetaMask, Trust Wallet, and Dapper Wallet are likely to be connected, and Ethereum, Polygon, and Flow will likely be supported.
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