That might very well be the case. I think gradually investing in this space will be very similar with traditional companies.

The bigger and eventually successful projects might follow the steps: VC/accredited investor seed money -> Build product and release first version -> raise money through ICO (general public). Maybe more than 1 seed funding round, but eventually the average Joe investor won't get in early on the solid professional projects any longer, or at least chances are very slim.

Reading back what I just wrote....this is very much already the case actually :-P