Social bookmark tools are rapidly emerging on the Web. In suchsystems users are setting up lightweight conceptual structurescalled folksonomies. The reason for their immediate success is thefact that no specific skills are needed for participating. In thispaper we specify a formal model for folksonomies, briefly describeour own system BibSonomy, which allows for sharing both bookmarks andpublication references, and discuss first steps towards emergent semantics.