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Nearly half of all initial coin offerings in 2017 failed at the funding stage or later, despite collecting a total of US$104 million, according to Tokendata, which tracks such offerings.
ICOs gained steam last year with the site listing 902 crowd sales. Of these, 146 failed at the stage of fund collection and a further 276 fell away later, which makes for a failure rate of 46%.
The website bitcoin.com said another 113 ICOs could be classified as "semi-failures" either because they had stopped communicating on social media or because the community they had aggregated was so small that they had little or no chance of success.
Once these 113 ICOs were also added to the failures list, it meant that 59% were either definite failures or else likely to fail sometime soon.
{loadposition sam08}The site said that it had found examining the 900-odd ICOs a depressing experience with abandoned Twitter accounts, Telegram groups with no members, websites that were no longer functional and communities that were neglected common occurrences.
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Some of the ICOs of 2017 that failed. Screenshot: courtesy Tokendata
Some of the failures were planning to try again in 2018, with freight trucking platform Doft being one such example. As to the countries where the failed ICOs originated, developing nations and the African continent were over-represented.
But there were failures from every major country and continent.
