This article brings together theories on copyright, information commons and political economy to discuss the implications of memory institutions’ convergence with informational capitalism. The imperatives of sharing and participating prompt memory institutions to deal with their holdings in terms of property, and they invest time and resources in rights clearances, licensing procedures and in marking up works and artefacts as belonging to the public domain. This situation also compels them to allocate working hours to interaction on platforms owned and controlled by global media companies. Viewed through the lens of political economy, sharing and participation become gifts, not only to the public, but also to social media businesses when data traces are turned into private goods of value in informational capitalism. In return for their gifts, memory institutions fulfil democratic missions and gain reputation. However, data mining and the strategic placement of information which this allows for, run the risk of supporting populist misappropriation of heritage.