This study reports an analysis of 10?years in the life of the Internet-based Master in Educational Technology program (iMET) at Sacramento State University. iMET is a hybrid educational technology master's program delivered 20% face to face and 80% online. The program has achieved a high degree of success, with a course completion rate of 93% and a graduation rate of 84%. iMET is based on Lave and Wenger's seminal community of practice (CoP) model, which is identified by faculty and students as key to the program's success. This study applied a value creation framework (VCF) created by Wenger, Trayner, and de Laat for assessing value creation in a CoP. The article presents detailed information concerning the framework and how it was applied. It then outlines how a social network analysis led to findings that value was created in the iMET CoP and how the value created led to a sustained CoP currently entering its 13th year.