While smart contract blockchains have proven themselves to be extremely useful and valuable, they have also proven more difficult to value on a fundamental basis.  What market are they pursuing? Why should they be valuable at all?

Decentralized token controlled protocols have proliferated in recent years and become a multi-trillion dollar asset class despite the absence of agreed upon valuation frameworks. That is the power of a permission-less and transparent 24/7 global capital market. Imagine how big the market could be if we knew how to value these new assets.

Play-to-earn gaming has exploded this year. Initially catalyzed by Axie Infinity, which reached over a million users without being allowed in either the Apple or Google app stores, the model has caught fire and spread to other extremely popular games like Defi Kingdoms and Thetan Arena.