Most of the crypto coins/tokens are created out of ‘thin air’.
However some of these coin/tokens are connected to something tangible and some are not connected to anything tangible.
Examples of tangible coin/tokens are - NFTs (for ex. images), and security tokens (for ex. equity in a company).
Examples of nothing tangible are - meme coins (like shiba-inu), DeFi tokens (interest paying), and even Bitcoin itself…