I listened to a talk on this subject (the ICO flood) and what the chap said, is it's similar to the dot com startup bubble. Everything is being tested, every niche is being tried every service is being coined. Eventually the truly useful will survive and flourish, and offer massive gains. The crypto investor is suggested to pick a massive niche and study the ICO's. Invest in what you know. I would choose something like Gaming and Casino tokens to research as that is my knowledge base.
The market will fund the growth of the crypto-verse and the market will choose the winners. Uninformed emotional buyers will be fleeced.