"publisher exchange model" framework is great & really distills the collapse of the traditional media funnel (where advertisers paid platforms to interrupt audiences) into direct financial relationships (between creators and consumers) apps like @zora @farcaster_xyz @paragraph_xyz aren't just monetizing content; they're turning every creative act into a liquid asset that can be priced, traded, and speculated on in real-time. consumption and speculation merge into a single action: you can't just "like" a post anymore when liking means buying a stake in its creator's future output whats cool is this inverts traditional risk models. previously, platforms extracted value from creators by providing "free" distribution while keeping ad revenue, forcing creators to build massive audiences before seeing meaningful monetization now audiences absorb that risk directly by investing in creator tokens before knowing whether the creator will produce anything worthwhile. It's vc mechanics applied to every creative output