Decentralized App Tokens as Investments

The expected gains from investing in decentralized app tokens are not in the form of dividends but gains in the exchange rates of the tokens. If a decentralized application became widely used investors would be able to cash in by selling their tokens to the users. In principle, it should be pretty straightforward to estimate the fair value of a stock by looking at its price/earnings ratio. Are there models to be used as a tool for a value investor to measure the potential worth of decentralized app tokens?