As I known, ICO is a kind of risky investment. Similar to the IPO which is the form of invite for capital investment, but when buying IPO, investors can research the information about the company they invested, find out about official finance reports and be protected by law when joining. In contrast, ICO projects are often rather ambiguous and unprotected by government so the risk is so high for investors.
So how to evaluate a potential ICO project, look forward to receiving comments from you

To evaluate a potential ICO project, the first thing you have to determine which industry of the project it is, whether it is a hot or not.
Identify the infrastructure of the project based on company assets such as fixed assets or technology
Next is the interest of community in the project.