I continue to believe crypto operates like a collectibles market; similar to stamps, beanie babies, rare coins, baseball cards, etc.

In this model, the "cards" are the actual unit coins and the "players" are the type of coin (Bitcoin, Ethereum, etc).

So long as there's a vibrant enthusiast community, the assets will hold some value but except for a few mainstays, these things tend to atrophy over time.

For instance, yesterday I was helping an 80 year old neighbor clean out her garage. I found some wonderful vintage RadioShack calculators from the late 1970s. They're extremely rare and also, extremely worthless. The supply and price of something can both tend towards zero.