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RE: ICOs are Left in Ashes. Money-Backed Utility Tokens are Next. [DYCO]
No, it's a token sale.
Going by your argument, any issuance of equity is an IPO.
Not all equity issuance takes the form of an IPO, which has a designated framework. Similarly, not all token sales have to follow the framework of an ICO.
ICO and IPO are the name of the first (or initial) issuance of tokens/shares. The first token sale is an ICO. The first public shares issuance is an IPO.