I don't think ICOs are dying.
I think they are hibernating.
Once we have some regulatory clarity and some decent projects have had some success raising money for utility tokens again (look at BitTorrent, ya know, I mean I know we can't all have the backing of CZ and Justin "The GOAT" Sun, but it does offer a glimmer of hope) then we will see
more mature organizations looking to raise via utility token offerings.
In this manner, we may not want to call it an ICO anymore. I think the phase of early-stage no-product-just-a-dream ICOs has come and gone. But I think there's definitely a space for
real businesses to raise money via utility token offerings for specific products without having to sacrifice equity.
I can see a future where a company does a mini-raise (<$5m) via STO to fund a cool idea, develops it... does an ICO (utility token raise for <$15m) to onboard users and encourage network effects)... then does follow-on STO offerings. That to me is where we are going. All fundraising in the future will be token-based and digitally writ on the blockchain. It's just a better way.
We'll get there, but it'll take some time.