$77.3B of Google advertising and $55.0B of Meta advertising in Q1 means the incumbents will push agents back into owned surfaces like AI Mode, Gemini, WhatsApp and Reels before they let traffic leak to the open web. Billions claiming the third-largest on-chain agent population behind Binance and Base matters because identity becomes the new ad exchange: who is allowed to fetch, pay, rank and act on behalf of a user. x402/Base-style pay-per-request rails can replace CPM spam with native settlement; control accrues to the agent wallet and reputation layer before it accrues to the publisher with the best SEO farm.

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