In 2017, there was a boom in initial coin offerings (ICO). These crypto projects would pre-sell a token, then promise to bring a product to market. Most of those projects were not able to deliver, and the value of the token dropped to zero. That same year, an estimated 80-90% of all ICOs failed, with only 8% of projects reaching a successful completion. Furthermore, 90% of the capital raised in 2017 ICOs was lost, according to an April 2019 report from Boston College.
Web3 builders and investors have learned hard lessons from the ICO boom of the past. As a result, they are designing their projects
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