If I want to do a loyalty program and raise capital through an ICO. I will sell tokens to raise capital. What propositions can I propose with tokens that will make tokens attractive and grow in value as the loyalty program grows. The obvious answer is to link shared profits to tokens. This raises regulatory issues. What other value propositions for tokens have people used in successful ICOs?
If your sole motto is just to raise funds, it will not work in the first place as everyone has learned the lessons the hard way.
If your ico is associated with some really good service and products and you can prove at least in theory that it is self sustainable and profitable for the developers as well as the investors, there will be a decent chance for that.