Initial coin offerings (ICOs) have raised a tremendous amount of capital in 2017. Filecoin raised $257 million. Tezos raised $232 million. Bancor raised $153 million. Status raised $108 million. And EOS raised $185 million in the first five days of a year-long ICO.
These numbers seem absolutely absurd for projects that are essentially seed stage investments, but the markets are not completely irrational.