This chapter establishes a practical framework for evaluating tokens in a world where traditional corporate valuation methods are no longer applicable. It explains why DCF, multiples, and asset-based methods misfire decentralized protocols lacking cash flows, balance sheets, or managerial control, then maps valuation to token types (store-of-value, smart contract platforms, DeFi, utility, governance, and stablecoins). It covers IFRS-driven accounting distortions, crypto-native approaches (including tokenomics, network metrics, and protocol fundamentals), and category-specific methods, such as fee-based models for DeFi and NAV logic for reserve-backed stablecoins. Finally, it integrates risk layers—regulatory uncertainty, smart contract failure, and data quality—into a workflow that yields probabilistic value ranges rather than false precision.