Initial Coin Offerings (ICOs) are experiencing a revival in 2025, potentially reshaping the crypto fundraising landscape. As the airdrop trend wanes, ICOs are emerging as a more equitable model, offering clearer incentives and better alignment between projects and retail investors. This shift follows a period dominated by venture capital from 2022 to 2024. The resurgence of ICOs is supported by new early-stage funding platforms like Coinbase's Echo and Kaito's MetaDAO, which are innovating token distribution methods. Despite their potential, ICOs face challenges such as regulatory uncertainty, poor token economics, and market saturation. While ICOs may not completely replace airdrops, they are expected to play a significant role in a hybrid fundraising model focused on long-term value.