AirToken

Opportunities:
AirFox is a revenue-generating company since 2016 with VC funding, making this ICO more established and less risky than most of the other projects.
AirFox’s services are proved to have real world demand. Over 2016, AirFox enabled more than 2 million unique prepaid wireless subscribers in the US. AirFox also delivered over 1 billion impressions to advertisers, helping them reach a lower income audience.
The team is solid with good credentials.
The space for microlending for the unbanked is very large and AIR token’s upside can be substantial if the project succeeds.

Concerns:
We couldn’t verify the usage of the two AirFox apps on Google Play as they were re-added on the platform recently. On this page, it shows that the app only has 10-50 installs.
AirFox’s ads are probably not going to be as relevant as those provided natively (e.g. from Google) because Google and other advertising platforms can use trackers to provide better targeting to users. Hence, advertisers may not be as keen to publish ads on AirFox and may pay a lower ad rates compared to other platforms.
The microlending feature, which is a large part of AirFox’s vision, is not proven and it is uncertainty whether it will gain traction after the rollout.

Conclusion:
Overall, we are neutral about the ICO’s short- and long-term potential. Our thoughts of the tokens for short term and long term are as follows:
For short-term holding:
Neutral. The soft cap was not reached from the whitelisted participants and they had to do a public crowdsale, which is contrary to what they have been assuring participants. The last minute change in ICO structure (from whitelist-only to having a public crowdsale, offering only a 3-hour window for refunds) also doesn't provide a lot of comfort to potential participants.
For long-term holding:
Neutral. As mentioned in the “Concerns” section, the microlending feature, which is a large part of AirFox’s vision, is not proven and it is uncertainty whether it will gain traction after the rollout.