Initial Coin Offerings or ICOs, as they are better called, raised about $14 billion in 2017 and 2018. ICOs laid the foundation for a new model of fundraising on the blockchain network. They promised to revolutionize the way investments were made to decentralized cryptocurrency projects, slowly bringing an end to the reliance of project developers on traditional forces such as venture capitalists and investment banks. However, since then, it has all been a tale of the rise and fall of ICOs.
Source: https://teecycle.org/business/the-meteoric-rise-and-fall-of-icos/