The promise of tokenizing the relationship between writer and reader, or broadcaster and audience, means that we finally have an alternative to the extractive models of strip-mining attention on the internet.

First, the value of a token is not well aligned with the long-run value of the underlying platform. There are many types of tokens, and the value of each depends on the underlying rights that the token provides

Token-backed communities align incentives so much better than any other medium or monetization I’ve seen.