  Information is replicable in that it can be simultaneously consumed and sold
to others. We study how resale affects a decentralized market for information.
We show that even if the initial seller is an informational monopolist, she
captures non-trivial rents from at most a single buyer: her payoffs converge to
0 as soon as a single buyer has bought information. By contrast, if the seller
can also sell valueless tokens, there exists a ``prepay equilibrium'' where
payment is extracted from all buyers before the information good is released.
By exploiting resale possibilities, this prepay equilibrium gives the seller as
high a payoff as she would achieve if resale were prohibited.
