It is of vital importance to consider where is the value of any token and where can if come from in the future, so you are on the right track. Nowadays, during early stages, mass adoption is the number one factor. Amazon, Google and Facebook defied earlier business models by offering so much value for so little return, at first.
Often in business today, you have to give, give, give before you take anything. It doesn't work the way the brainwashed masses have been taught where every situation is win-lose (politics) or lose-lose (violence, war). The market is the only system that provides win-win situations. When you trade anything, even money for bread, both sides win, otherwise they would not make the trade.
RE: ATTENTION: there is no income for steem, so the project value is going to zero. I invite all steem fans to tell me how steem earns money itself.