Buying And Selling On Meta: How To Buy, Sell, Tax Details Of Items Of Horizon Worlds On Meta?

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Meta, formerly Facebook, has been trying various ways as part of its money-making strategy. The tech giant’s attempt at virtual reality advertainments didn’t get the success it was hoping to make. Now, Meta is paving its way for another attempt. This time, Meta is pushing buying and selling of virtual items and effects, which the company has explained in a new blog post.

How To Buy, Sell, Tax Details Of Items On Meta?

Meta Pushes Buying And Selling

The Meta blog post explains the new buying and selling of items and effects is currently on Horizon Worlds. For the unaware, Horizon Worlds is Meta’s open-world VR where users can put on any avatar of their choice like cartoons.

Now, creators on Horizon World can sell in-world (or rather in-Meta) items like virtual clothes, accessories, character mods, and so on. Other users can use the platform to purchase these items. However, there’s a catch. Meta is imposing a 25 percent tax on these transactions. The blog post mentions that only a small number of creators currently have the access to buy and sell on Meta.

“These types of tools are steps toward our long-term vision for the metaverse where creators can earn a living and people can purchase digital goods, services, and experiences,” Meta said in its blog post. Presently, the buying and selling of items on Meta is still under testing, and will likely expand to more users over time.

How To Buy And Sell On Meta?

As mentioned earlier, buying and selling on Meta is still under testing. Here are the criteria for buying and selling on Meta:

Firstly, buying and selling of items will be limited to Horizon Worlds on Meta

Secondly, Users have to be 18 years or above in age to buy or sell on Meta

Third, all payments are processed via the Meta App Store

Lastly, the buying and selling of Meta are limited to the US and Canada for now.

Users should also note that buying items in one of Horizon worlds won’t be transferrable to others. That said, Meta might eventually make these items available in other worlds and shared spaces. But this could take a while. It’s unclear when the feature will arrive in India.

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Story first published: Wednesday, April 13, 2022, 17:42 [IST]

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