Here's a simple model: A market of one token that was initially worth nothing 1 year ago but the market now sees has value - let's say $100 - because it has so

Here's a simple model: A market of one token that was initially worth nothing 1 year ago but the market now sees has value - let's say $100 - because it has some genuine utility - various companies have said they will accept it as payment for a variety of different products. If you add all the cashflows for trading on this token over the year, $100 has been made. In fact the only way for these cashflows to sum to zero is for the token to be worth zero. Where did that value come from? It came from the increased utility of the token.