- A year ago—practically centuries in crypto time—investors were pouring billions of dollars into promising projects building dapps. They invested via initial coin offerings, in which blockchain company founders raise money, crowdfunding-style, by selling digital tokens. Prices for coins, including Ether, Ethereum’s own crypto-token, were soaring. Many of their fans believed blockchains and cryptocurrencies were going to swiftly displace traditional financial intermediaries, upend monopolistic internet companies, and decentralize the web.
Then came CryptoKitties.