Initial coin offerings (ICOs) have raised a tremendous amount of capital in 2017. Filecoin raised $ 257 million. Tezos raised $ 232 million. Bancor raised $ 153 million. Status raised $ 108 million. And EOS raised $ 185 million in the first five days of a year-long ICO.
These numbers seem absolutely absurd for projects that are essentially seed stage investments, but the markets are not completely irrational.