> There's no intrinsic reason for earnings to be directly related to stock price.
Yes there absolutely is. If you are the owner of a company you may divert the future earnings to your own bank account, which has a precisely defined value.
Your counterargument may be that minority shareholders never have the power to affect distributions of earnings, but that is also false. Minority shareholders at minimum hold the power of arbitrage between majority shareholders.
I agree with you that intellectual/digital property has value, but I think that it is impossible to establish authenticity in an entirely decentralized way.
If you are a notable artist wanting to sell NFT art, what makes your tokens valuable is that you have verified your identity with the service which deals the NFTs, and that the service is reputable. Otherwise, anyone may set up an account claiming to be you (on another service for instance) and sell the
same JPGs attached to a new token.
In the absence of a centralized authority, the only sign of authenticity is chronology (who minted this jpg into a token first), which is very susceptible to chronological "squatting" e.g. an opportunist discovers an artist's works and mints them before the artist does.
The difficulty of replicating physical works of art has the happy side-effect of massively strengthening their authenticity.
If you take testosterone, your pituitary will tell your testicles that there is enough testosterone, and that they can chill out, so the testicles will produce less testosterone and less sperm.
This is why anabolic steroid users can develop shrunken (atrophied) testicles.
In addition, through enzymatic equilibrium, you will also produce more estrogen (excess testosterone is converted to estrogen and vice versa), which will further decrease male reproductive ability, and in sufficient quantities will stimulate breast gland growth.
In short, administering exogenous testosterone will have counterproductive reproductive consequences.