A library of things is a library that contains not just books, but tools or even consumables in a communal supply that anyone can check in and out from.
Such a library allows for reducing over redundancies on items that get infrequent use, or could benefit regular maintenance. Lawn mowers could rotate each day, snow blowers passed out when they're needed, toys or clothes for a child whose interests and size are constantly changing, or tents reserved for a camping trip you're planning. This helps right back against the individualistic consumers neoliberalism has turned us into, while promoting solidarity among our local community.
If you're looking to start a library of things today, it'd likely be best to leverage an existing public library. They also have space and resources, and are trusted stewards of the community. You can go to meetings and propose your ideas and they can manage the items being checked in and out. Also, it's actually quite likely someone else has already beaten you to the punch. In that case, USE the library of things. That's how you support it and allow it to grow!
But this could also work in a more decentralized manner. Allow people to register the things they already own, or services they can provide. Essentially, a Craigslist where everything is free. Although notably, you should try to avoid for-profit and centralized services like Craigslist or nextdoor. If you're tech savvy, consider starting a computer club with a server, owned by the club not yourself, that can host software like this for your community.

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