I just watched ur video on youtube, great insights. I had this feeling about ICOs that the profitability will be lower and lower after some time, because of natural business cycles. here is my comments:

1. ICO last year was a pretty new idea, and many good projects made pioneer move, and that way attracted capital. Specially cryptos were not on mass media yet (CNBC etc,,....), meanwhile the exposure for the cryptospace is way way bigger.

2. As it is always in a normal life, Venture Capitalists, and Institutional investors have massive advantages in very very profitable projects, businesses. Most cases we are not talking +30/+50% profits in a year, we are talking 50x / 100x / 1000 x etc multipliers. But this time, crypto space, and ICOs are accessible to "the small guy" too, with the same benefits as professional venture capitalists.

3. So when the innovative way to get capital (ICO) became more popular, more people started to invest, and research on the whole ICO phenomena, so companies themselves can give lower ROI to investors, as simply more of them are available.

4. And on the other hand, more investors expecting nice returns fast, so the projects popping almost on a daily basis, so naturally profitability is getting lower and lower. Because of competition.

5. And last, and also important point: we are in long long bear market at the moment, and to raise money via ICO, is harder now, that it was let's say December'17. or earlier.