代幣募款重生：ICO後多元化格局

首次代幣發行（ICO）的興衰讓加密貨幣產業開始探索其他融資方法。儘管人們對 ICO 持負面看法，但代幣仍然是一種創新的融資工具。雖然監管審查導致 ICO 數量下降，但代幣生成活動、首次交易所發行和空投已成為新的籌款管道。此外，不可替代代幣（NFT）和節點銷售作為 Web3 專案的融資手段越來越受歡迎。代幣籌款方式的多樣化為 ICO 後尋求融資的企業家提供了更大的靈活性和創新性。

The Rebirth of Token Fundraising: A Diversified Landscape in the Post-ICO Era

代幣募款的重生：後ICO時代的多元化格局

The initial coin offering (ICO) frenzy of 2017-2018, marked by a surge of innovative token-based projects, was followed by a wave of skepticism and regulatory scrutiny. This led to the belief that ICOs had met their demise, overshadowed by scandals, pump-and-dump schemes, and a general lack of accountability. However, amidst the turmoil, the underlying concept of token fundraising remained as a viable method for projects to raise capital.

2017-2018 年的首次代幣發行 (ICO) 狂潮以基於代幣的創新項目激增為標誌，隨之而來的是一波懷疑和監管審查浪潮。這導致人們相信 ICO 已經消亡，醜聞、拉高拋售計劃和普遍缺乏問責制的陰影籠罩著這一局面。然而，在動盪中，代幣籌款的基本概念仍然是專案籌集資金的可行方法。

In response to the challenges faced by ICOs, a range of alternative fundraising mechanisms emerged, including initial exchange offerings (IEOs), token generation events, and innovative variants such as initial node offerings (INOs). While some anticipate a resurgence in ICOs, the current landscape is characterized by smaller-scale token-raising events, along with an increased emphasis on regulatory compliance and transparency.

為了應對 ICO 面臨的挑戰，出現了一系列替代籌款機制，包括首次交易所發行 (IEO)、代幣生成活動以及初始節點發行 (INO) 等創新變體。儘管有些人預計 ICO 將會復甦，但當前情況的特點是代幣籌集活動規模較小，並且越來越重視監管合規性和透明度。

Airdrops: Distributing Tokens for Market Awareness

空投：分發代幣提高市場意識

One significant shift in token fundraising is the rise of airdrops, where tokens are freely distributed in exchange for marketing outreach and community engagement. This approach aims to enhance a project's visibility, attract users, and stimulate secondary sales and subsequent funding rounds. Airdrops can be particularly valuable for projects lacking traditional venture capital support, as they offer an alternative means of building a community and gaining traction.

代幣籌款的一個重大轉變是空投的興起，即自由分發代幣以換取行銷推廣和社區參與。這種方法旨在提高專案的知名度、吸引用戶並刺激二次銷售和後續融資輪次。空投對於缺乏傳統創投支持的項目尤其有價值，因為它們提供了建立社區和獲得吸引力的替代方式。

ICO Alternatives: Presales and Beyond

ICO 替代方案：預售及其他

The term "ICO" has largely fallen out of use in the industry, replaced by a wide range of equivalent terms such as token sales and presales. These mechanisms allow startups and new protocols to issue native tokens as a means of capital raising, offering a decentralized alternative to equity-based funding. Unlike ICOs, which often involved high-dollar amounts, token sales and presales tend to be more modest in size, typically in the range of a few million dollars.

「ICO」一詞在業界已基本不再使用，取而代之的是代幣銷售和預售等一系列等效術語。這些機制允許新創公司和新協議發行原生代幣作為融資手段，為股權融資提供去中心化的替代方案。與通常涉及高額金額的 ICO 不同，代幣銷售和預售的規模往往較小，通常在數百萬美元範圍內。

Gaming Projects and the Value of In-Game Tokens

遊戲項目和遊戲內代幣的價值

The gaming industry has embraced tokenization, recognizing its potential to enhance gameplay and foster community engagement. Gaming projects are leveraging tokenomics to create in-game rewards and incentivize players. NFTs have emerged as a popular tool in this space, allowing players to own unique digital assets within virtual worlds.

遊戲產業已經接受了代幣化，並認識到其增強遊戲玩法和促進社區參與的潛力。遊戲專案正在利用代幣經濟學來創造遊戲內獎勵並激勵玩家。 NFT 已成為該領域的熱門工具，允許玩家在虛擬世界中擁有獨特的數位資產。

INOs: Funding Decentralized Infrastructure through Node Sales

INO：透過節點銷售為去中心化基礎設施提供資金

In a similar vein to the NFT sales utilized by gaming projects, Web3 companies are turning to the sale of hardware licenses or "nodes" as a means of raising capital. These nodes guarantee income, often in the form of native tokens, which can be redeemed on exchanges. This approach supports the development of decentralized physical infrastructure (DePIN) projects, enabling community members to contribute resources and participate in the provision of infrastructure services.

與遊戲專案使用的 NFT 銷售類似，Web3 公司正在轉向銷售硬體許可證或「節點」作為籌集資金的手段。這些節點通常以原生代幣的形式保證收入，可以在交易所兌換。這種方法支持去中心化實體基礎設施（DePIN）專案的開發，使社區成員能夠貢獻資源並參與提供基礎設施服務。

Upland's Novel Approach: In-Game Tokens to External Chains

Upland 的新穎方法：遊戲內代幣到外部鏈

In a unique move within the blockchain industry, Upland opted against launching a tradable token. Instead, it focused on developing a metaverse platform with its own in-game token, Spark. By choosing not to sell tokens to investors, Upland aimed to mitigate regulatory risks and ensure the stability of its in-game economy. However, the recent ruling in the Ripple case created an opportunity for Upland to bridge its in-game token to external chains, allowing holders to trade it and increasing its visibility within the Web3 ecosystem.

Upland 選擇不推出可交易代幣，這是區塊鏈產業的獨特舉措。相反，它專注於開發一個擁有自己的遊戲內代幣 Spark 的元宇宙平台。 Upland 選擇不向投資者出售代幣，旨在減輕監管風險並確保遊戲內經濟的穩定性。然而，Ripple 案的最新裁決為 Upland 創造了一個機會，將其遊戲內代幣與外部鏈連接起來，允許持有者進行交易並提高其在 Web3 生態系統中的知名度。

Utility Tokens: A Return to the Core

實用代幣：回歸核心

Utility tokens have re-emerged as a means of funding projects that prioritize community engagement. These tokens provide specific benefits or access to services within the ecosystem, such as promoting content or facilitating transactions. By prioritizing utility over speculative trading, projects aim to maintain token value and promote adoption.

實用代幣重新出現，成為優先考慮社區參與的計畫的資助手段。這些代幣提供特定的好處或存取生態系統內的服務，例如推廣內容或推廣交易。透過優先考慮實用性而非投機性交易，項目旨在維持代幣價值並促進採用。

IEOs and IDOs: Revamped for a New Era

IEO 與 IDO：為新時代而改革

Traditional token sales, such as IEOs and IDOs, have evolved in response to the lessons learned from the ICO era. These platforms now emphasize due diligence, risk management, and transparency. Projects undergo rigorous audits and provide clear information about their products and tokenomics. This enhanced level of accountability aims to restore trust and ensure the longevity of token-based projects.

IEO 和 IDO 等傳統代幣銷售的發展是為了吸取 ICO 時代的經驗教訓。這些平台現在強調盡職調查、風險管理和透明度。項目經過嚴格的審核，並提供有關其產品和代幣經濟學的清晰資訊。這種增強的問責制旨在恢復信任並確保基於代幣的項目的壽命。

Conclusion

結論

The post-ICO era has witnessed a significant transformation in token fundraising methods. Airdrops, presales, and innovative approaches such as INOs have emerged, alongside a renewed focus on utility tokens and responsible practices. While ICOs may have faded into the past, the underlying principle of token fundraising remains a powerful tool for projects seeking to raise capital and build decentralized communities. As regulatory frameworks continue to evolve, the token fundraising landscape will likely continue to adapt, providing greater stability and transparency for both investors and project teams.

後 ICO 時代見證了代幣募款方式的重大轉變。空投、預售和 INO 等創新方法已經出現，同時人們重新關注實用代幣和負責任的做法。雖然 ICO 可能已經成為過去，但代幣籌款的基本原則仍然是尋求籌集資金和建立去中心化社區的計畫的強大工具。隨著監管框架的不斷發展，代幣融資格局可能會繼續適應，為投資者和專案團隊提供更大的穩定性和透明度。