In this episode, Martin and Jahed sit down with Winding Tree founder Maksim Izmaylov and learn how the travel and hospitality industry works. It's not pretty—we dive into the economics of online travel agencies (OTAs), how they work, where their take rate comes from, and how consumers win while most community businesses and even airlines lose. Winding Tree is building a multi-stakeholder platform to reduce the rent-seeking behavior in this marketplace, and this episode will be a fascinating listen for those who are thinking of using web3 technologies to disintermediate legacy rent-seeking players, as well as those studying complex market processes and how they might lead to unintended outcomes.

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