It’s been a crazy year for ICOs! As a 2017 end-of-the-year wrap up, we thought it would be fun to give you updates on some of the ICOs we’ve covered this year. Whatever happened to projects like Unikrn, Tezos, and Eos? Check out this video to see which projects made it big and which ones flopped in this ICOs 2017 year end review!
The year of ICO’s
Crypto History will probably remember 2017 as the year of the ICO. The fundraising method absolutely exploded onto the cryptoscene, giving us some great projects, and an awesome little series called ICO or NO.
2017 saw nearly 5 billion USD raised by way of ICOs. It started with a few very successful token sales. Then others caught on, saw the potential as a way to raise funds, and by November or December we were averaging 4 or 5 ICOs a day.
However, earlier in the year we saw ICOs end in a matter of minutes, while it took ICOs more and more time to hit their caps as the year went on. Of all the ICOs conducted in November and December, just a quarter hit their caps. 2017 has definitely been a wild ride, so we thought it would be fun to do an ICO or NO 2017 Year in Review!
As expected, we hit on some points that would ultimately prove to be true. However there were some that we took a swing and a miss on. Instead of leaving you with a bunch of cliffhangers, we thought it would be a good idea to give you an update on some of the ones we’d covered.
One thing that I noticed early on when writing for the series, there was a lot of money being thrown at conceptual ideas. Most ICOs used their funds to develop a platform, but there were a few who had existing platforms that were looking to incorporate a token into their ecosystem.
The perfect example of this was UNIKRN, a wagering platform for e-sports. They had a functional platform already operating, but looked to turn the “credit” system into a cryptocurrency, and create an additional cryptocurrency beyond that.
The Mark Cuban backed ICO for Unikrn Gold raised 15 million in their token pre-sale, and $31 million dollars in the actual ICO! But the good news didn’t stop at that. No; they received a gambling license issued by Malta, a needed step towards recognition and legitimacy.
One thing I expressed concern about was the legal landscape around the e-sports industry, however Unikrn is doing a good job of navigating that murky landscape. They announced a partnership with the MGM grand, so their future looks bright. Who knows, there might even be an e-sports event on the horizon at the famous Vegas hotel!
One ICO that we expressed warning about was Tezos, mainly because of the people around the project. No one really heeded that warning evidently, as they proceeded to make 232 million USD in their ICO.
The kicker though? They might have to give them back. Several class action lawsuits have arisen against Arthur and Kathleen Breitman, and it’s likely the SEC has certainly become aware of their activities.
Several ICOs have conducted their activities with the SEC in mind, as the “rules” have yet to be really laid out and its better to operate on the safe side. Tezos decided against this option and they are now embroiled in several legal battles. The American court system isn’t the fastest moving, so we’ll see what ultimately becomes of Tezos, but right now they are in anything but a comfortable position.
Kik’s KIN Token Sale
We thought Kik’s token Kin token sale would dictate how existing large applications handled their approach towards ICOs, and unfortunately it left a lot to be desired. One of the only issues we found while covering the Kin token sale was that not a lot of tokens were released. Obviously the goal isn’t decentralization, businesses are trying to give up control of the goal, but the scarcity coupled with lack of functionality has really kept the price from doing anything.
We were weary of EOS pulling a switcheroo on the function of their token, but those fears have been unfounded. What we took as “loop holes” in their Whitepaper, EOS was just really doing their due diligence to make sure they were covered should anything go wrong.
EOS seems to be going strong at well above the ICO price, and it has many excited about their distributed Proof-of-Stake consensus.
While some of these projects have produced somewhat definitive results, most of these projects cant really be judged yet. After all, if we did we wouldn’t have anything to cover for ICO in review number 2, coming to a YouTube channel near you. This one….
Check back for that, or better yet just subscribe so you get notified when we put any of our great content out, also like this video if you’re inclined to do so to tell us we’re doing something right. Better yet tell us directly in the comments!
Some extra stats on ICOs in 2017
According to CoinSchedule, in 2017 there were 235 Initial Coin Offerings. The year-end totals came in at $3,700,683,293… Yes… That’s over $3 billion raised in ICO’s in 2017.
34.5% of these were projects focusing on infrastructure. While the other top categories included trading and investing at 13.7%, finance at 10.2%, payments at 7.8%, data storage also at 7.8%, and drugs and healthcare at 5.5%, amongst dozens of other industry categories.
Most of this money was raised from September through October, with September being the biggest influx of money into ICO’s. Filecoin and Tezos both came in at the top, being the most successful ICO’s in terms of money raised – both over $257,000,000 and $232,319,000 respectively.
Check us out & reach out in 2018!
Check out some of our ICO or NO episodes here if you want to reminisce on the year!