In the case of core Blockchain’s – like Bitcoin, Ethereum, Neo, etc – the assumption is that these blockchains will acquire large user base, which by using the blockchain (and paying the transaction fees) create the network effect (like the Internet Business Models or Ethereum network). Core Blockchain creates the substitution effect on the traditional Business Models – Payment’s and Cross-Border Payments, Store of Value, etc. The monetary value of this substitution effect translates into the value of respective Crypto Investment.
Other Blockchain Business Model‘s are built on core Blockchains – like exchanges, lending, supply chains, etc. These applications will have their own network effects and cashflow generation models – which translate into the Discounted Cashflow value of respective Crypto Investments.