Design-based inquiries into the networked products of the Internet of Things (IoT) lack a coherent understanding of the effect of such products on society. This paper proposes a new taxonomy for networked products, which would allow articulation on their current state and future, and provide insights to designers for creating meaningful and aesthetic products of IoT. Central to this framework is the proposition that our current product-scape should be understood as a distribution of material agencies and best analyzed through the metaphor of "agency". We identify three types of agencies, i.e., the Collector, the Actor, and the Creator, and discuss how this approach could create new design methodologies to create more meaningful networked products that would empower people in their everyday lives.