Meta, formerly known as Facebook, has abandoned its once-grand stablecoin intentions, it is far from done with digital currencies, with its metaverse pivot pushing it to develop “tools” that will allow its users to sell “digital assets.”
According to Reuters, the company is “beginning to test tools” that will allow an “initial” “hand-picked set of users” to sell “digital goods and experiences” on Horizon Worlds, the company’s virtual reality platform.
On Horizon World, the users in question are currently “creating virtual classrooms, games, and fashion items.”
Horizon Worlds is a virtual reality (VR) metaverse that needs users to wear specific VR headsets. Horizon Venues, a space that offers digital access to virtual events, is also being developed by the company.
One of the new solutions allows the group of users to sell accessories and grant paid access to VR digital worlds they’ve created, while “a small group of Horizon Worlds users in the United States” will receive a new “creator bonus.” Meta will pay participants on a monthly basis for using some of the new features it rolls out as part of this bonus.
The Meta Founder and CEO Mark Zuckerberg addressed a group of early adopters at an event held in Horizon Worlds using avatars, where he stated:
“We want there to just be tons of awesome worlds, and in order for that to happen there needs to be a lot of creators who can support themselves and make this their job.”
The project could be tied to plans reported earlier this month to create “virtual coins” for usage on Meta’s platforms, dubbed “Zuck bucks” by Meta staff.
According to reports published last week in UK media outlets, “Facebook and Instagram users” will be able to spend the coins “as part of a suite of products aimed to lessen” Meta’s “dependence on advertising in the future metaverse.”
Meanwhile, according to The Verge, Meta’s pilot entails the business collecting a 25% cut of virtual experiences and things sold in its digital realm by creators — on top of any platform fees levied by its own stores or third-party platforms.
According to Vivek Sharma, Meta’s Vice President of Horizon: “We think it’s a pretty competitive rate in the market. We believe in the other platforms being able to have their share.”
