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Basically when you buy a token ICO, you are buying a debt.. some business models that emerged are:

- SCAM. They have no value or utility. The issuer pumps it and sell it for real cryptocurrencies

- Token discount. The issuer will rebuy the token in the service when the product will be ready

- Dividends distributions to token stakeholders

- Governance. The more token you have the more you opinion counts in the project

- Hybrid. Of the points above