The token sale or the Initial Currency Offerings has been successful since 2013 as per my research out of curiosity regarding cryptocurrencies. It had it's success until 2017 but probably due to scams being associated to cryptocurrencies like bitcoin, it began to subside a bit. ICO struggle I guess due to banning of their advertisements in most social media like Facebook and Twitter. With regards to that banning, I could say that Bounties and Social Media campaigns could be treated as replacements ads for every ICO's success. Just my perception.
Well have you thought that maybe ICO Ads wouldn't be banned if there weren't so many people using ico ads to scam people on social media sites. I am not a fan of the bans but we have to face the fact that the scams were affecting the image of the cryptocurrency market negatively too. Even though they would make more money from not being banned it is for the greater good.