Favrd, the now-retired (creator-destroyed) aggregation site for Twitter "favorites," began as the irreverent offshoot of a community of influential designers and developers -- people like Merlin Mann (@hotdogsladies), John Gruber (@gruber), Jeffrey Zeldman (@zeldman), and Dean Cameron Allen (@textism), the site's creator.
You don't need to know the lofty origins of Favrd, though; if anything, they're antithetical to the point. Favrd ran on a "no-webcock algorithm." ("Webcock" was Dean's term for shamelessly self-promoting "new media gurus.")
In an interview earlier this year, web developer Rafael Torres (@rafitorres) remarked: "A common concern for all of [the creators] was the idea that the social web had been invaded by a certain class of individuals who were apparently only concerned with marketing themselves and their brands through fake social interactions."
Simply put, I think what happened to Favrd was that a new crop of users appeared who didn't know how to value the currency, and thus they inadvertently devalued it. They were arbitrarily plastering their stars around town to promote themselves, like "take-out menus hung on the doors of other restaurants." Dan Wineman (@dwineman), "The Favrd Situation"
In this way, currency (devalued) only serves to commodify valuable content.
Remiel (@remiel) makes some generative suggestions here to "inject scarcity back into the equation." What if Favstar instituted a new metric... ? "The result, ideally, is... a truly useful list of vetted Twitter content, reliably worth reading. In short: a great, alternative Twitter filter."
"I hate when clever, elegant things leave the web." Jeffrey Zeldman to Dean Cameron Allen, commenting on "The Stars Look Down"
Cohesive communities like Favrd, grown organically without a pointed goal -- especially the communities grown around liberality of mind and well-placed puns -- have some people asking, "yes, but what's the point?"
Therein lies the point.
"I've met lots of people, collaborated creatively with a few and even had one stay on my couch during his trip across the country. All wonderful experiences." Jon Dascola, commenting on Zeldman's "The Stars Look Down"
Professionally speaking, Avery Edison (@aedison) is an upcoming UK-based comedy writer who has her roots in the feedback and support of the Favrd community. You Look Nice Today (@hotdogsladies, @lonelysandwich, and @scottsimpson) is a free podcast "prepared by and for 'adults'" that now performs in 3space as well, for money.
Interview with Nick Douglas (@nick), author of Twitter Wit: Brilliance in 140 Characters or Less:
"Keep starring the heavens, kids. #thankyoutextism" (via @pagecrusher)
A more comprehensive directory of projects from the Favrd community is available here.