Updated CPM rates for waves compared to traditional and digital media:
Email marketing: $2.5 general audience, up to $75 ultra targeted
High end Magazines: $50
Adwords/instagram/facebook: $3 for general targeting
Postal letter stamping/printing: $3-5
Waves (at $4 cap) using airdrop service: 1.4 waves/$5.6
The problem is that out of 1000 airdrops in my 2 year experience only a few dozen maybe 100 reaches active users without disappearing in txs such as exchange transfers which clutter the wallet despite filtering options. An even smaller percent interact with the airdrop by exchanging/trading/buying/selling tokens.
A handful of these airdrops convert to website and this is equal to 50 cents/$1 which is fair value for digital CPC.
A mature blockchain audience and stellar product could perform better stats than this but for now, from a competitive marketing analysis perspective, waves is trading in the higher range of CPM/CPC pricing.
This was of course not the case 1-6 months ago at 60 cents-1 dollar.
There is a hyperbolic case for $8000 presented on Marquise $Museum twitter, and more realistically $25-$500, but this is dependant on user growth and platform familiarization so these theorethical projections must be discounted by a large factor.
There are other valuation matrices (VISA/Ebay/Twitter/Merchant market) for waves besides the mass communications branch but they are similarly valued according to user acquisition models.
Waves fair value market cap using traditional stock p/e valuation (50 for high tech sector) is $15m on base txs equation (generated value from fees 70kx0.003x$4x31x12x50)) and $650m with inflation method. Inflation method is not backed by real activity and should be discounted from final value.
Active users july/august is similar at 31k. 2300 active wallets contain over 20 waves so 31k is including multis and bots. User onramping is currently not undergoing vertical but month on month growth was 19%.
Conclusion:
Waves is a bargain at 15 cents (2016 price), solid buy below $2, fair value at $3-6 and a speculative buy over this price based on hypotethical growth projections which should be discounted in the present.
If you want in on a cheap high tech startup,
buy https://coinmarketcap.com/currencies/turtlenetwork/. It's a waves fork valued at 1/1000 of waves with 1/10th userbase.
I bought Eth at $7 in 2016, waves at 60 cents in 2019 and will advocate Turtlenetwork as a solid buy up to fair value $10-90 million. Only invest what you can afford to lose, I lost some money in masternodes during the 2018 worst bear market in any asset class since the onset of the industrial revolution 200 years ago.
Also called wick at waves 54 cents, Eth $90, btc underperform index crypto (like chainlink). Called 2017 crypto kitten top, waves x10 before october, and the list goes on and on.
Human factor is biggest risk in both TN and Waves.
https://waves.exchange/trade/TN_WAVES 
