Ethereum “fair value” calculation

Hey everyone, big fan of Ethereum and quite excited to see how the techology evolves. I was wondering if anyone can provide more insight into the valuation of Ethereum. What initially caught my eye is this user calculating a "fair value" of ethereum: reddit.com/r/ethereum/comments/kl1g9q/eth_20_fair_value_calculation_suggestion/

• OP uses a fee per transaction (FPT) of $2 & 400 million transactions a year, with these numbers OP comes to a fair value of $3654 /eth.
• Another user estimates the fee revenue growing exponentially (currently being around $1b a year) and with 5% a respectable average annual return for stakers.(https://www.reddit.com/r/ethfinance/comments/k9dsk6/for_those_who_are_tormented_by_eths_short_term/?utm_source=share&utm_medium=ios_app&utm_name=iossmf).

Both valuations assume the same thing, the fee revenue growing.

Now Blockchain technology keeps developing and might come to a point where transactions are close to feeless (through sharding/sidechains). What impact would this have on the price of Ethereum? Would that not just mean the price will slowly go down till the average annual return for stakers is around 5%?

I definitely see a future where Ethereum is fully adopted throughout society, with it being the back back-bone for large centralized and decentralized financial institutions, supply chains and many other use-cases. However, a $2 FPT seems high and simply unsustainable. For example: Blockchain technology is actually adopted in quite a significant part of the food industry nowadays, but large food incumbents paying $2 per transaction to track a $10 bottle of wine is not viable.

Is my view too hollow? I find that the valuation of Bitcoin is more "up in the air" as the purpose is very different and has more of a comparison to gold. The tech of Ethereum might be wide-spread in the future and sure can save companies and transition society, but does that translate in the ethereum as a token being worth $X? Does anyone have any good recommended papers that discuss this topic?