Thanks Ethan! To me, anything that's not easy to build/replicate helps differentiate. Hardware/infra, contractual lock-in, high switching costs are some ways. One challenge they will run into is charging higher take rates without regulatory scrutiny.
Good read. Do you think that hardware is the only factor that helps big platforms differentiate such that they can charge higher take rates?
Thanks Ethan! To me, anything that's not easy to build/replicate helps differentiate. Hardware/infra, contractual lock-in, high switching costs are some ways. One challenge they will run into is charging higher take rates without regulatory scrutiny.