The value of the token comes from the value and purpose of the protocol the token is used for. For example, Etherium's value itself is backed by the ability to

The value of the token comes from the value and purpose of the protocol the token is used for. For example, Etherium's value itself is backed by the ability to run "smart contracts" on the Etherium platform itself. Most of the classic (hash) coins are pretty much fiat currency, the value coming from the ability to speculate, trade, and spend, like with any real-world currency. Et cetera.