ICOs are forever evolving in today’s technological revolution. Initially, decent amounts of money were raised on an idea spelled out in a white paper in an event called a crowdsale. The original funders were mostly enthusiast and exponential technology investors. Then in March 2017 someone termed the coin initial coin offering and thousands of projects raised enormous amounts of money with no chance of ever succeeding. Many of those projects were kinda like experiments built in search of a problem. Today in 2019 the only the projects that have survived that frenzy are the ones that may solve a problem.
No one knows for sure if the blockchain is either in the same stage as the early internet was in the late eighties and early nineties or if the blockchain is like artificial intelligence and will require a number of resurgence and winters until the amount of data and computing processing power makes it possible to build what was promised in the original hype.
If I had to guess in the short term cryptocurrencies and Blockchain technology is way overhyped and in the long term incredible discoveries will be made and the technology of tomorrow will be built and change our lives for the better in ways we cannot even imagine.