You are probably talking about ICO
You've got to be careful and not cycle in thoughts that you can quickly and earn a lot. Here, as with investing in a typical company, but at the earliest stages, even when not the product prototype or demonstration, and there is just an idea, its description and promises to depositors. You need to correctly diversify.
When selecting projects in which to invest, you should pay attention to the team, the pace of work on the technology that implements this command in your project to evaluate what they will make of the new into existing technology, how much this contribution is justified if there is a working prototype, demo, etc.
I think (correct me if I'm wrong), now is the porting of the existing set of technologies to the blockchain basis, i.e. there is some transfer of parts of databases centralized storage of the various services on blackany and decentralized basis, which in the future should increase the level of confidence in such services. Here it is necessary to pay attention to what information is submitted into the blockchain, and what might be the benefits for the end user of the technology. Also, in the analysis of companies that want to invest, you need to understand the cryptanalysis is the understanding of the potential problems of the service, i.e. risk assessment. To avoid then a nezhdanchik, so there was anxiety, muscle pump, the price soared, then everyone knew it was hype, the price dropped, the technology eventually proved to be not viable, the company went bankrupt, and its sozdatelei with the help of the cut down the loot piled on the Maldives.
In the end, I think, before you rush to invest in similar startups, you need to make some list of pros and cons of all projects, make a checklist on the basis of this check-list to form the plate in which to perform each startup, based on available data to expose some of the expectations/strengths, and evaluating different risks/cons, counting for all some measure of ranking, for example, by the formula: the expected score divided by the risk-score based on this weighted value can already draw some conclusions by what percentage and in which startup to invest available funds.