目前，ICO项目只是在Indiegogo平台上展示，但真正投资时，投资者仍然要移步到一个名叫First Democracy VC的平台。First Democracy VC是一个在SEC进行过备案的股权众筹门户，由Indiegogo和股权众筹网站MicroVentures共同创立。其实，去年Indiegogo就已经与MicroVentures进行过首次合作，双发按照2012年《JOBS法案》的要求推出过一系列的股权众筹项目。据Indiegogo博客数据显示，在过去一年，共有30家企业通过First Democracy VC筹资753万美元。
平台的首个ICO项目来自一个叫作粉丝控制足球联盟（Fan-Controlled Football League，后文简称FCFL）的项目。该项目发起方希望建立一个完全由粉丝做出决策的专业球队。这个项目之前的名称叫作Fanchise，已经通过Indiegogo筹款大约6.3万美元。
FCFL支持者可以前往First Democracy VC门户网站进行投资。目前，FCFL发行的这种加密货币叫作FAN代币。投资者拥有的FAN代币越多，他/她享有的决策权就越多，比如可以投票选择教练。
Crowdfunding platform Indiegogo announced today on its website that it will begin listing a select number of initial coin offerings, in yet another step by the company to move beyond perk-based crowdfunding.
While ICOs will be listed on Indiegogo, interested backers will have to go to a portal called First Democracy VC to invest. First Democracy VC is an SEC-registered equity crowdfunding portal that was developed through a partnership between Indiegogo and equity crowdfunding site MicroVentures. Indiegogo first partnered with MicroVentures last year to host equity crowdfunding campaigns that comply with the regulations established through the 2012 JOBS Act. According to an Indiegogo blog post, 30 companies raised $7.53 million during First Democracy VC’s first year of existence.
The first ICO listed on First Democracy VC is a presale for Fan-Controlled Football League, which, as the name suggests, wants to create professional sporting leagues where decisions are made entirely by fans. Formerly called Fanchise, the company previously raised more than $63,000 through an Indiegogo campaign. In 2015, the company purchased a slot in the 10-team Indoor Football League and launched its first team, the Salt Lake City Screaming Eagles. Fanchise allowed Indiegogo backers to make a team decision based upon how much money they donated to the initial campaign — backers who donated $300 were able to design a play, for example, while backers who donated $100 got to choose the end zone dance.
Now, according to FCFL’s white paper, it wants to leverage the Ethereum blockchain to “maintain ledger-based transparency for all fan-driven decisions and reward allocations.”
Backers of FCFL can go to the First Democracy VC portal to enter into a Simple Agreement for Future Tokens (SAFT). FCFL’s currency is called FAN Tokens. The more FAN Tokens a person has, the more decisions he or she will be able to make, ranging from voting on a coach to leading a real-time play call.
FCFL is trying to raise between $50,000 and $1,070,000 during its presale, and accepts fiat currency, Bitcoin, and Ethereum.
Starting today, companies can also apply to list their ICO on First Democracy VC. According to Indiegogo’s website, companies will be able to offer securities and utility tokens to both accredited and non-accredited investors, and can have their white papers reviewed by “Indiegogo, MicroVentures, leading securities, and cryptocurrency law firms.”