In fact, at one point, investors were putting $20 billion in ICOs as a way to try and stake investments in new digital tokens.
This week, Financial Times tried to answer an interesting question: what the hell happened to all that money? And all those projects?
Many of them have "sunk without a trace," FT notes, but some projects like storage network Filecoin - which was set up to build digital infrastructure - have made it to their launch point. Filecoin is an "open-source, public, cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method".
Filecoin's tokens are up about 14x from the average price they were offered at their ICO. Filecoin owns 300m of those tokens itself, currently valued at about $7 billion.