Not all cryptos are necessarily primarily currencies. Like you say, they are assets. The value of those assets is determined in part by their utility (well mostly by speculation these days but in the long term). There could be 1000 just like there can be 1000 stocks. But they have to have something to give them a value other than just being a currency. Ultimately, there could be 1000 successful cryptos. That doesn't mean that all of the ones that exist today will survive with any meaningful value. I'm sure that most will not.
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If they are stocks, then by definition they are equity. Then by defition they need to be regulated and they will fail any such scrutiny. So they are a failure.