Law360 (July 3, 2019, 1:45 PM EDT) -- Digital tokens are like snowflakes: No two are exactly the same. Some have utility and can be exchanged for goods and services, some are intended as stores of value, some are meant to be the protocol layer on which decentralized apps are built, and some are a combination of many features.
How frequently are they traded, transacted or transferred? How liquid are they? How many developers work on a protocol? What is the supply? If properly architected, can value be captured at the protocol layer (a “fat protocol”)? So many questions complicate the many valuation models proffered to date.
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