Publisher-Exchanges
(information/attention+money): Consumer Applications and the Attention Theory of Value

Liang Qiao

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This is a linkpost for https://multicoin.capital/2024/03/12/publisher-exchanges-consumer-applications-and-the-attention-theory-of-value/

“Attention Theory of Value”: the primary input into asset pricing is not multi-factor models around risk premiums or cashflows, but rather the perceived amount of time, energy, and money that a community around an asset devotes to it.The internet enabled arbitrary, bi-directional information transfer. Crypto builds on top of those rails by enabling arbitrary, bi-directional value transfer.
The consumer internet today—streaming platforms, online media, mobile apps, social media, etc.— can be summarized as a marketplace for attention, and as such, money and attention increasingly share similar characteristics... The consumer internet and crypto rails make the atomic units of information and value drastically smaller, and simultaneously increase the volume and frequency of both data consumed and value traded. As this happens, the attention theory of value becomes tighter — information is money, and money is information. "Everything Prediction Market."
New App Opportunity: 1. Able to create market for abstract idea for attention 2. Able to trade easily for consumer. "ability to quickly 1. create new assets around attention, and the 2. ability to trade them where that attention is aggregated: ~~consumer-facing applications~~ Tokens" (best vehicle is ERC20 & ERC721, not a dapps). 3. ability for user to Curate and get rewarded. We really need a dope prediction market that doesn't suck and fun to play
Supposedly: good content --> more attention --> more ads revenue; Reality: click bate/Overly combative conversation/toxicity/attention arena/algorithm feed
Crypto: Attention Pricing Reflexivity
CEX: currently dominant for Attention &
Liquidity. Upcoming: highly liquid chains like Solana & Base. Challenges for building consumer onchain apps: aggregate liquidity & attention. For this, ppl would build publisher-exchanges, eg. unlonely
publisher-exchanges：1. tokenize attention 2. trade attention
1. publishers are inherently content marketplaces
  1. discovery and curation
  2. trust and reputation
2. examples:
  1. Messengers: Telegram
  2. Content Networks: Instagram, TikTok, X, Youtube, Unlonely, Frames
  3. Information Market/Prediction Market: Polymarket (Memecoins are much better!) "new spot assets that directly track attention could represent a more interesting proxy for attention or information flows"
  4. Special-Interest communities: eg. ConstitutionDAO, memecoin, NFTs holders, PartyDAO

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Publisher-Exchanges (information/attention+money): Consumer Applications and the Attention Theory of Value

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