Tokens as CAC - Are Crypto Companies More or Less Efficient in Acquiring Customers? by @ttunguz

The comparison between web2 and web3 is stark, 3-7x higher CAC relative to corporate value. Even if the estimates are off by a factor of 2 or more, this math suggests crypto companies acquire customers less efficiently than their older brothers.

Typical enterprise software companies spend approximately 7-15% of their enterprise value on customer acquisition. L1 Web3 companies spend 29-95%.