Since its debut in 2009, the market for digital assets has grown. It exploded in popularity between 2016 and 2018, only to see major setbacks in the following two years. This article provides an analysis of the key phases of the development of the digital asset market and the impacted market players. It shows the state of the ICO, IPO, and IPO markets for blockchain and digital asset firms, and draws comparisons between them. The author delves into the origins of recent data patterns in the development of the digital asset market.