The essay from Variant discusses the potential for onchain advertising business models. While crypto has been hesitant to adopt advertising as a business model, advertising can align the goals of broad product distribution and revenue generation. The open nature of crypto protocols challenges traditional platform models and creates opportunities for the emergence of web3 advertising components such as advertisers, ad protocols, marketplaces, and applications. The essay explores three emerging models in web3 advertising: onchain ads (NFTs as ads and referral links), token-curated ads (using tokens for attention curation), and hybrid ads (combining offchain and onchain data). It highlights the value of attribution protocols in connecting offchain and onchain identities for tracking user activity. The author predicts that platforms that control distribution will likely retain control over their ad experiences, but attribution protocols could still play a role and potentially be acquired by leading crypto social platforms.