I think the key difference is exactly what you're getting at - there isn't a physical scarcity to be had here, so a digital token primarily expresses speculativ

I think the key difference is exactly what you're getting at - there isn't a physical scarcity to be had here, so a digital token primarily expresses speculative value by default. Speculation always comes and goes with the hype of a bubble. Lasting value beyond speculation appears when there is use value. But how do you apply a use value to a token? Well, you can't do it by locking down the nominally encoded asset - that's just a sticker pasted on it. These things do not gatekeep well. The use value comes from someone declaring that the bearer of the token is now entitled to something - a song, a poem, a noble rank. Anyone can do that for any token at any time. That is a thing that a unique, uncensored digital asset could be very relevant towards. So the interesting part has not really come yet.