(1) The risk that the PRICE of your asset drops a whole lot, but not the value.
(2) The risk that the VALUE of your asset drops a whole lot, and generally the price along with it. Permanent loss of capital.

Price and value are not independent variables. Reflexivity exists.

Value is a function of price for many assets. I know fundamental investors correctly believe that price is a function of value. But it's not as if value is an independent variable, even when defined as the sum of all future discounted cashflows. Because the terminal cash flow is always the price, and many times dominates the flow intermediate cash flows like dividends.
Quite obviously, the value of an asset that has no cash flows is nothing but its discounted future price based on the projected supply and demand.
I believe that gold and Raphaels have some very widely variable intrinsic value because I believe someone somewhere will always want them. I am not convinced that that is true of Blockchain assets, even the now well-established ones like bitcoin and Ethereum. Forget NFTs and metaverse properties.

Do we believe that the Blockchain servers and exchanges will continue running in the event of an apocalypse? Or hyperinflation for that matter?

Maybe I am Luddite.