Sure, fine, maybe it’s a bubble.
A lot of people lost a whole lot of paper money, but it brought us a cheap worldwide fiber backbone and companies like Amazon and Google.
Most “crypto tokens” are, in fact, just glorified hash values stored on the Ethereum blockchain — literally nothing more than a table of numbers like “address A: 10,000. address B: 20,000,” wrapped in standard blocks of code (the ERC20 and ERC721 standards, for fungible and non-fungible tokens respectively) so that they can be easily transacted.
And as the price of ether has skyrocketed — to more than $1,000 as I write this — transaction fees have done so as well, so that the average fee for an Ethereum transaction is now around US$2.50.
(Ethereum’s variable-gas-price mechanism doesn’t really help; fees are driven by supply and demand.
And of course it’s not just Ethereum.