whoever creates the value (often by generating demand) captures the value, proportionate to the value created

it’s not just the artists who are getting screwed, it’s that the industry at large is undermonetizing as well. The whole music industry is something like $20B. Compare it to video games, a $140B market, and you see the discrepancy.

The best business model pre-internet was to charge for content. In the internet age, I think the rest of the world will become more like video games — give away the base layer, and let the internet do its thing, supercharging viral marketing to monetize the complement.

Crypto enables new ways for musicians (and other creators) to directly capture the value they create in a couple key ways

Crypto enables new ways for musicians (and other creators) to directly capture the value they create

from a fan perspective, the prospect of being able to profit from early support of an artist is a strong incentive to become a supporter in the first place, which means it will expand the total amount of supporters.

What’s valuable about Facebook and Twitter is the unique data they have, data that we have users have provided. Yet we see nothing from it.

Crypto networks will be as big of a step function improvement over joint stock corporations as joint stock corporations were over what came before them.

The problem with co-ops has always been structural barriers preventing them from accessing capital markets.

Crypto networks make it easier to raise money and get customers by making those same people investors. They make the financial incentives work for all stakeholders.

Crypto, as we just discussed, helped creators and collectors realize, “Hey, I can own a piece of the internet value I create, and I can capture that value directly by selling to my audience, and charge them in a granular way that makes more money per fan and financially incentivize them in a way that makes it likely I’ll have more fans.”

For startups today, the opportunity is massive: platforms that are built, operated, and owned by their users can grow to be much bigger, much faster than their institutionally owned counterparts.

for the first time ever, we can have community ownership and network alignment completely consistent with capitalism.

Maybe the ownership economy is what will makes capitalism more palatable to a wider audience.

In the ownership economy, capitalism becomes positive sum in a legible way