It all depends. what risks the project has and if it is qualitative at the ICO stage, then it is possible to invest. Now it is very difficult to find such projects and I would like to have more, but they still are. For example, EOT. This protocol has everything to change the situation with the gaming industry for the better, for example, the same opportunity to release games, but without costs. This will allow developers to produce products more often and they will be of high quality. In addition, I would be interested in using such a project and playing games through it. But yes, there is an opportunity to invest in the market, most often at good projects at this moment the price is not so interesting for the investor
The problem is that it's difficult to join the hypest ICO projects even if you've found them. E.g. Quarkchain had a multi-system qualification, it was difficult to pass this procedure, and there was a lottery among all winners. As a result, only few people have bought this. So everything is not so easy!