We describe a new model of collaborative production called Commons-based peer production (CBPP). This model is frequently supported by digital platforms characterized by peer to peer relationships, resulting in the provision of common resources. Traditionally, it is associated with cases such as Wikipedia or Free Software, but we have recently observed an expansion into other areas. On the basis of an extensive empirical work, we enquired - How does CBPP apply value? and How does value creation function in CBPP? We present an updated version of the meaning of value and sustain the relevance of this debate. After that, we propose how to measure value. We formulate what we call internal and external indicators of value. The first are linked to the internal performance of the CBPP and the second relates to its social value and reputation. Finally we highlight the main features of value that we identified and discuss the limits that we found developing and implementing the proposed diversity indicators.