This just came to my mind today as ive never think about it before, since bullrun happened in 2017 and ICO became popular and successful in that year too aren't you guy curious how IEO projects would have performed if bullrun was ongoing? IEO became popular after bull market of 2017 right? The reason why ICO was so profitable in 2017 was because of the altcoin season don't you think? What about IEO in altcoin season? We are yet to see this
There was a time in which ieos were very successful and popular among investors, we did not saw the same magnitude of growth that we saw at the end of 2017 but that is understandable because that was a very special year and it is possible a growth like the one that we saw during that year is never going to happen again.
But there was no doubt that there was a time in the market in which ieos were not only popular but dominant but what caused their downfall was that they had the very same flaws that icos had, exchanges with a dubious reputation began to release all kind of ieos to the market and investors began to be scammed and no consequences fell to those scammers, and slowly but surely people began realizing that this was no different than the ico market and that is why they left.