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Lion of Light (Azhar Usman)'s avatar

Packy: this piece is incredible. My belief is that this particle essay will go on to become a seminal work in the history of the emergence of Web3. As someone who works in the traditional media world, it is my belief that the shift away from the TradMedia model (of aggregators/platforms HOARDING all of the ad revenue) to the DeMedia model (of creators sharing the financial upside/monetization of their creative works with their early supporters, fans, evangelists, and customers), will lead to a class of “consumer-investors,” as you say. Though people like Chris Dixon (and other Web3 champions) keep using terms like the “Creator Economy” and the “Ownership Economy,” perhaps a better term for what will emerge is the “Community Economy.” The TradMedia framing of “creators” vis-a-vis “fans” (or “customers,” “listeners,” “subscribers,” or “consumers”) will be properly reframed as Community Leaders and Participating Community Owners. This is the inevitable future. Congrats on a fantastic piece!

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Sang Ha Park's avatar

Packy, thanks for the great writing. Great to see 3 of my favorite writers all mentioned here. One thing has been bugging me for a quite a while, which is that early backers or token holders naturally promoting / marketing their tokens. This is a definite alignment of incentive and reward for early backers / users. Chris Dixon in the aforementioned podcast said something along the lines of this being completely normal in capitalism.

But I was wondering whether that is actually true. I thought why many people frowned upon multi-level marketing or ponzi scheme was because of the very model that sellers take a cut whenever the people the seller brings in sell something to someone else. Though not fully equivalent, early backers promoting their own invested tokens, strictly speaking, has an element of that.

I thought the reason why word of mouth was so powerful in making people adopt any product was because people genuinely liked the product, not necessarily because they had financial incentive to gain. All in all, I'm a little skeptical (and scared) about embedding financial incentives to every aspect of our lives.

It would be great if you had some thoughts around here, and I would love to learn more!

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