Blockchain today is like 1993 internet — we’re still at the early stage of building protocols and middleware — albeit with 1999 bubble hype. The current cycle is more compressed than the 1993–2000 dot-com cycle because blockchain technology is based on immediately recognizable economic value, whereas Internet companies were valued based on potential future profits and stock prices. The dot-com bubble was fueled by investor enthusiasm to get into those zero-to-one projects, much as the crytpo bubble is today.
There must be a real utility for the token. Minting the token and establishing a market-price for the token is required in order to make the underlying software protocol and the token economy model function. If the purpose of the token sale is solely to raise capital for the project, that is not enough. Capital can and should be raised via equity and debt instruments, not by selling token assets.