When a graph depicting the funding of ICOs month on month from May 2017 to October 2018 was published on Bloomberg the alarm bells, which had already sounded, reached their crescendo.
ICO funding dropped to a 17-month low in September. For most, there was no surprise in that statement, barring perhaps the extent in which the ICO furor had fallen. At its peak, toward the end of last year to January, ICOs were garnering frankly astounding sums of money as investors sniffed around for potentially massive return on investment.
However, the ICO mechanism has come under heavy scrutiny. Basing a company and an idea on nothing more than a blockchain proposition written in a white paper, people flooded to these incredible and apparently world-changing ideas, but starting a company, even with a huge bankroll is not easy, especially with nascent technology.
In saying that, there were very few barriers to entry. No lawyers, bankers or regulators were needed to get this new style of IPO off the ground, it was essentially a kickstarter, but with a lot more investor interest.
So, as the ICOs flooded the market, and for the most part got what they wanted — that is, millions of dollars — they rode the wave to the top only to get a little too close to the sun before performing a swan dive that only Icarus would be proud of.