A transaction fee gives Muse something more valuable than engagement alone: a direct path from AI usage to revenue. But the fee percentage is only one part of the equation. I would want to know transaction volume, average order value, merchant adoption and how often Muse actually completes a purchase rather than simply helping users research one.

Even a small cut could become meaningful at massive scale, especially if Muse becomes the interface through which users shop, travel and order services. Conversely, a generous fee means little if merchants resist it or completed transactions remain small.

So I would give Muse more strategic value today, but not materially raise my META valuation yet. Show me the take rate and transaction volume first. That is when the maths becomes interesting.