代币筹款重生：ICO后多元化格局

首次代币发行（ICO）的兴衰让加密货币行业开始探索其他融资方法。尽管人们对 ICO 持负面看法，但代币仍然是一种创新的融资工具。虽然监管审查导致 ICO 数量下降，但代币生成活动、首次交易所发行和空投已成为新的筹款渠道。此外，不可替代代币（NFT）和节点销售作为 Web3 项目的融资手段越来越受欢迎。代币筹款方式的多样化为在 ICO 后寻求融资的企业家提供了更大的灵活性和创新性。

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

代币募资的重生：后ICO时代的多元化格局

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 年的首次代币发行 (ICO) 狂潮以基于代币的创新项目激增为标志，随之而来的是一波怀疑和监管审查浪潮。这导致人们相信 ICO 已经消亡，丑闻、拉高抛售计划和普遍缺乏问责制的阴影笼罩着这一局面。然而，在动荡中，代币筹款的基本概念仍然是项目筹集资金的可行方法。

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.

为了应对 ICO 面临的挑战，出现了一系列替代筹款机制，包括首次交易所发行 (IEO)、代币生成活动以及初始节点发行 (INO) 等创新变体。尽管一些人预计 ICO 将会复苏，但当前形势的特点是代币筹集活动规模较小，并且越来越重视监管合规性和透明度。

Airdrops: Distributing Tokens for Market Awareness

空投：分发代币以提高市场意识

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.

代币筹款的一个重大转变是空投的兴起，即自由分发代币以换取营销推广和社区参与。这种方法旨在提高项目的知名度、吸引用户并刺激二次销售和后续融资轮次。空投对于缺乏传统风险投资支持的项目尤其有价值，因为它们提供了建立社区和获得吸引力的替代方式。

ICO Alternatives: Presales and Beyond

ICO 替代方案：预售及其他

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”一词在业内已基本不再使用，取而代之的是代币销售和预售等一系列等效术语。这些机制允许初创公司和新协议发行原生代币作为融资手段，为股权融资提供去中心化的替代方案。与通常涉及高额金额的 ICO 不同，代币销售和预售的规模往往较小，通常在几百万美元范围内。

Gaming Projects and the Value of In-Game Tokens

游戏项目和游戏内代币的价值

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.

游戏行业已经接受了代币化，认识到其增强游戏玩法和促进社区参与的潜力。游戏项目正在利用代币经济学来创造游戏内奖励并激励玩家。 NFT 已成为该领域的流行工具，允许玩家在虚拟世界中拥有独特的数字资产。

INOs: Funding Decentralized Infrastructure through Node Sales

INO：通过节点销售为去中心化基础设施提供资金

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.

与游戏项目使用的 NFT 销售类似，Web3 公司正在转向销售硬件许可证或“节点”作为筹集资金的手段。这些节点通常以原生代币的形式保证收入，可以在交易所兑换。这种方法支持去中心化物理基础设施（DePIN）项目的开发，使社区成员能够贡献资源并参与提供基础设施服务。

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

Upland 的新颖方法：游戏内代币到外部链

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 选择不推出可交易代币，这是区块链行业的独特举措。相反，它专注于开发一个拥有自己的游戏内代币 Spark 的元宇宙平台。 Upland 选择不向投资者出售代币，旨在减轻监管风险并确保游戏内经济的稳定性。然而，Ripple 案的最新裁决为 Upland 创造了一个机会，将其游戏内代币与外部链连接起来，允许持有者进行交易并提高其在 Web3 生态系统中的知名度。

Utility Tokens: A Return to the Core

实用代币：回归核心

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.

实用代币重新出现，成为优先考虑社区参与的项目的资助手段。这些代币提供特定的好处或访问生态系统内的服务，例如推广内容或促进交易。通过优先考虑实用性而非投机性交易，项目旨在维持代币价值并促进采用。

IEOs and IDOs: Revamped for a New Era

IEO 和 IDO：为新时代而改革

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 等传统代币销售的发展是为了吸取 ICO 时代的经验教训。这些平台现在强调尽职调查、风险管理和透明度。项目经过严格的审核，并提供有关其产品和代币经济学的清晰信息。这种增强的问责制旨在恢复信任并确保基于代币的项目的寿命。

Conclusion

结论

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.

后 ICO 时代见证了代币筹款方式的重大转变。空投、预售和 INO 等创新方法已经出现，同时人们重新关注实用代币和负责任的做法。虽然 ICO 可能已经成为过去，但代币筹款的基本原则仍然是寻求筹集资金和建立去中心化社区的项目的强大工具。随着监管框架的不断发展，代币融资格局可能会继续适应，为投资者和项目团队提供更大的稳定性和透明度。