One of the most important questions I ask myself when looking at ICOs/Coins is:

Is there an existing usecase? Is blockchain technologie useful for this usecase? How do the circumstances (Team, legal situation, etc.) look like?

Since it is one of the few ICOs I invested in, I will just take HEROcoin (PLAY-Token), an Austrian ICO for the eSports betting industry as an example. Those are the thoughts that pushed me into investing at their ICO:

Betting should be based on something reliable, trustable and unfakeable - things that a blockchain could provide very well. So there definitely is a good usecase for a coin in that industry.

Betting on sports is extremly popular and still rising in my opinion. eSports undoubtly are on the rise as well - a lot of betting on those is only a question of time imo.

The company has a public known team + popular investors + they try to act within the Austrian framework of laws.

They already have an existing betting plattform with many users and have shown to not just have founded as a company because of the crypto hype.

I just try to think rationally : "Does anybody need this coin?"

This may not work wellf or all coins - But for the ones I invested in, it worked out well so far :)

Greets, Martin