What are ICO Cryptos?

Could you please elaborate on what ICO Cryptos are? As an investor in the cryptocurrency market, I'm intrigued by the concept of Initial Coin Offerings (ICOs) and how they differ from traditional fundraising methods. Are ICO Cryptos simply digital tokens that represent ownership or access to a project or service? Are there any specific regulations or guidelines that govern the issuance and trading of these tokens? Additionally, what are the potential risks and benefits associated with investing in ICO Cryptos?