How many of these projects actually invest their ICO funds into real estate? Seems like most of them are "platforms" yet they are raising millions of dollars. If the money was invested in physical assets this would be reasonable (even relatively small) however developing a top end platform should only cost a fraction of what they are taking. What are they really doing with the money?
Pocketing a lot of it. Spending most of the rest of it on moonshoot all-encompassing platforms that are doomed for failure instead of focusing on a specialty that would facilitate development of an MVP, then actual investment in RE.