By means of a multi-sited multi-method ethnography of CouchSurfing.org, this study explores how value is created in a non-commercial sharing context. Our findings suggest that participation is best understood by focusing on experience sharing. An analysis of underlying value-creation processes shows how sharing simultaneously produced and consumed experiences is different from sharing tangible or at least divisible objects. We integrate these findings within recent discussions of the social system of the sharing economy and the emerging discussion on sharing as a distinct concept of consumption.