We’ll have to agree to disagree here, I think the only way we see the average ICO from let’s say, top quartile in quality drop to $5–10mm is if the funding structure is changed to something more responsible. Likely this would resemble the traditional VC process a bit more where you have early/seed stage crowdsale, then follow up sales at various milestones that continue dilution and (with success) continue to increase the valuation with every raise.
I’m pretty plugged into the space right now and know of at least 5 upcoming $100m+ ICOs and that’s barely the start of it. I would be pretty shocked to see the raise size decrease to a ~5–10m average anywhere in the next ~2–3 years without a change to the nature of the fundraising system itself (less of the 100% frontloaded raise and pray they can do everything)
Either way thanks for the response, I really look forward to watching the space unfold over the next few years and seeing which one of us is correct!