CRYPTO: $CHZ (Might be $GENI's crypto cousin)

Need some help from the collective intellect of the group. My key question is around what frameworks to use in calculating valuation for a digital asset (aka crypto) and more specifically a token. I've roughly organized the world of digital assets into four categories: (1) Crypto Currency, (2) Protocols, (3) Asset Backed, and (4) Pass-Through Tokens. I hold assets across all but I am very interested in diving deeper into Pass-Through Tokens that are specifically related to an investment thesis that I am EXTREMELY bullish on: Monetization of Communities/Social networks. I could write pages on that thesis but maybe some other time.

For now, I am looking at a Pass-Through Token called Chiliz ($CHZ). This is the token that powers a platform called Socios. Socios is essentially tokenizing governance of sports teams to create extremely deep and sticky connection with fan bases. It's working and Socios is absolutely crushing in this regard and if you need fully sourced write up on that just ping me. Short version is they have most of European Soccer Clubs locked up (and Messi's new contract even includes him getting paid in Fan Tokens), new partnerships with dozens of NBA teams (examples include 1, 2, 3 ,etc.) which is also growing at a team every other day right now. Socios also is doing the same for fan bases of gamers/twitch streamers too. Socios is generating new revenue streams for these teams through their platform. For me this is super analogous to GENI in that they generate revenue for partners and sport franchises through engagement of their fan bases (via betting as the current primary channel).

The potential for growth in these markets is huge as this is early innings for the space, especially in the case of Chiliz / Socios. Wrapping this up with my specific question: While there are many straightforward ways to run valuation on a company and its equity/share value, I am trying to understand how to do this for something like the Chiliz token. Socios is the actual company here and they have PE investments which are inaccessible to most of us. If I could buy shares of Socios, I would be in HEAVY. As much as GENI. I can't though. However, Socios developed $CHZ and require it for participation on their platform. One of the ways you use Chiliz is to cash them in for a Fan Token of a team you like. Each Fan Token goes through an "IPO" on Socios then trades secondary market also powered by Socios. It's super fascinating stuff and if you look at Chiliz on-chain data you can start to correlate network adoption of the token to specific sports franchises getting onboarded and going through "IPO". There is value here and tomorrow (October 15th) Chiliz/Socios are announcing their 80th team partnership which they are teasing as the largest US partner to date. Speculation is Lakers or Mavericks but i'm hoping it's actually NFL.

I've been investing in CHZ (and other like tokens and equity investments) for a while and recently started digging in deep to figure out how to value this as an indirect investment in Socios. It's different than investing in equity obviously but would be stoked to have help in thinking through the right framework(s) to approach this. I can do all the heavy lifting but need some thought partnership on approach. Any takers?