IxO tokens are totally different. By providing liquidity on day one (before you have anything) and opening it up to anyone of any level of sophistication is an abject disaster. These tokens aren't linked to equity, they aren't linked to business value, they don't provide voting rights. They're just fun little tokens.
Once you do this the token is the product.
The founders, employees, investors all get their liquidity on day one (and even with vesting schedules on tokens, VCs have been selling their interest in their un-vested stakes). There's no incentive to build a business. The only incentive that exists is to pump the token at all costs. Your only incentive is to build a "community" and "enthusiasm" and spend your entire budget on marketing. Anything you spend building a business is a complete waste and sets you at a disadvantage relative to your peers.
It's been almost 14 years and to date not a single business built around tokens has actually become successful. Not a single one in 14 years even though if you ask any crypto advocate, they've got a list as long as your arm of industries ripe for disruption.
I posit this is because the incentive structure doesn't exist.
There's nothing new here, either. These are simply the blue sky securities that were outlawed when the SEC came into existence following the Great Depression. [1]