I think, this is very good question and the answer might vary depending on which Cryptoasset/Token/coin you are looking at.
The Swissborg Token for example is a utility Token of the company swissborg. Important to know, if you hold this token you are not holding a portion of the company. That means, the token does not function as a share. But what else gives it the value than? To answer this question you have to dig deeper and find out what swissborg actually is providing. Swissborg is some kind of asset management provider, where you can buy and exchange cryptocurrencies. Therefore the team of Swissborg had developed a quite interesting “exchange network protocol” (I would call it, I think they call it the “Swissborg Engine”), where your exchanged funds are routet in the most cheapest way, which is possible at that time. So for example you want to sell 1 BTC for ETH, the swissborg engine will look for, how you can get the most ETH for it.
Of course, swissborg needs a business model. That’s why there are charging some fees for each exchange. Here they Token economics comes into play. Swissborg offers for each account, which holdes at least 50k of its Token CHSB the Premium Fees, which means that you don’t have to pay any fees or you have some discounts, depends on the Cryptocurrency you want to trade with.
At the end the prices is triggert by demand and supply which can be, more or less easily, regulated by the Swissborg Team itself. So for example, they can lower the entry level of the premium fees or they can provide more value for token holders etc.
This was just a rough overview about the Swissborg Token Economics how I understand this. Please let me know if I’m wrong on some point. But I hope, this helps to understand a little bit more about what makes the value/price of a token, in this case Swissborg.