Tarzan and chain: exploring the ICO jungle and evaluating design archetypes

Nina M. Bachmann (), Benedict Drasch (), Gilbert Fridgen (), Michael Miksch (), Ferdinand Regner (), André Schweizer () and Nils Urbach ()
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Nina M. Bachmann: University of Augsburg
Benedict Drasch: Project Group Business & Information Systems Engineering of Fraunhofer FIT
Gilbert Fridgen: Project Group Business & Information Systems Engineering of Fraunhofer FIT
Michael Miksch: University of Augsburg
Ferdinand Regner: University of Augsburg
André Schweizer: Project Group Business & Information Systems Engineering of Fraunhofer FIT
Nils Urbach: Project Group Business & Information Systems Engineering of Fraunhofer FIT

Electronic Markets, 2022, vol. 32, issue 3, No 40, 1725-1748

Abstract: Abstract The phenomenon of a blockchain use case called initial coin offering (ICO) is drawing increasing attention as a novel funding mechanism. ICO is a crowdfunding type that utilizes blockchain tokens to allow for truly peer-to-peer investments. Although more than $7bn has been raised globally via ICOs as at 2018, the concept and its implications are not yet entirely understood. The research lags behind in providing in-depth analyses of ICO designs and their long-term success. We address this research gap by developing an ICO taxonomy, applying a cluster analysis to identify prevailing ICO archetypes, and providing an outlook on the token value market performance for individual archetypes. We identify five ICO design archetypes and display their secondary market development from both a short-term and a long-term perspective. We contribute to an in-depth understanding of ICOs and their implications. Further, we offer practitioners tangible design and success indications for future ICOs.

Keywords: Blockchain; ICO; Taxonomy; Archetypes; Success analysis (search for similar items in EconPapers)
JEL-codes: G15 G23 O33 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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DOI: 10.1007/s12525-021-00463-6

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