A new pattern is emerging: noisy, rapid, and speculative. It is called Internet Capital Markets (ICM), with some considering it the most exciting development in the crypto space, while others view it as the most dangerous disruption.
In 2025, a wave of independent developers began directly issuing tradable tokens for internet-native applications on X (yes, right here), using tools like Launchcoin and Believe. The result? A permissionless market emerged where ideas become tokens, hype transforms into capital, and speculation turns into product attraction.
ICM is gaining attention, but the bigger question is not whether it will become popular, but whether this model is sustainable.
What is ICM?
ICM is a decentralized platform where capital flows directly to application developers and creators. No venture capitalists, no banks, no app stores. It blurs the lines between crowdfunding, token issuance, and equity speculation.
Developers publish an idea. The public participates through tokens. Trading volume grows, fees accumulate, and developers profit. If enough people believe, the token skyrockets. If not, it dies. This is the core mechanism behind platforms like Believe and Launchcoin.
Supporters argue that ICM democratizes innovation. Critics claim it financializes virtual products. Perhaps both perspectives have merit.
Bullish View: Speculate First, Build Later
The most compelling arguments for ICM can be distilled into four aspects:
- Permissionless creative financing: Anyone with internet access can support builders. No venture capital meetings, no gatekeepers.
- Aligned income: Builders earn 50% of transaction fees, providing direct funding to launch products.
- Frictionless viral spread: By linking token issuance with X posts, distribution matches meme coin dynamics.
- Cultural unlocking: ICM follows the "Vibe Coding" trend. Independent developers, creators, and niche founders leverage retail capital from zero to one.
This flywheel has gained tremendous momentum:
- $DUPE market cap surged to $38 million in days
- $BUDDY achieved $300,000 ARR through AI creation tools
- $FITCOIN reached 300,000 downloads with millions of exposures
The pitch is incredibly attractive: Immediately fund ideas, leverage hype, then rely on community belief to build products.
Source: @Prateek0x_
Bearish View: Token Noise
But beneath the surface lie deep structural risks:
- Insufficient product-market fit: Many ICM tokens launch without functionality or demand proof, merely being gimmicks and memes.
- Speculation over substance: Retail investors buy tokens based on hype cycles rather than business fundamentals.
- Short-termism: Since builders can immediately earn transaction fees, the motivation to maintain long-term value is limited.
- Lack of legal protection: Most ICM tokens are not equity and are unregulated, unable to guarantee accountability.
- Low user stickiness: Tokens can rise quickly but also fall rapidly. Aligning user and platform interests is challenging.
Personally, this trend might hijack the "ICM" label, undermining its original promise of on-chain IPOs and liquid digital equity, transforming it into a speculative arena filled with "pump and dump" meme coins.
Even among active traders, many frankly admit their intent is quick profit, indicating that even supposed believers are playing short-term games.
Believe: Infrastructure or Accelerant?
The core of the ICM ecosystem is the Believe ecosystem, which allows anyone to issue tokens in seconds. The process is simple:
- Tweet token issuance ($TICKER + name)
- Instantly generate Bonding Curve and liquidity pool
- Earn 50% of all transaction fees
- Once the token reaches a market cap threshold ($100,000), deeper liquidity is obtained
Builders no longer need to raise funds traditionally. But herein lies the problem.
When revenue is earned before a product exists, the line between builders and speculators becomes blurred.
While projects like $DUPE and $GIGGLES show some appeal, other projects feel more like memes. The infrastructure is impressive, but tools cannot achieve the purpose.
A Story of Two Visions
Fundamental disagreements exist about ICM:
- Idealists believe: ICM is the ultimate form of Web3. On-chain IPOs, decentralized equity, and a transparent, always-open financial layer for internet-native companies.
- Realists believe: It's merely a speculative playground for tokenized MVPs, without roadmaps, moats, or accountability mechanisms.
Both narratives circulate. Depending on which builders gain momentum, one might replace the other.
Prospects and Pitfalls
Undeniably, ICM touches on some real factors: the desire to support early ideas, the fun of financing culture, and the instinct to speculate on potentially hot future developments.
But this same convenience also brings dilution risks. Without discipline or long-term synergy, ICM could devolve into another "pump and dump" arena. In such a scenario, meme coins don would productivity's cloak, with liquidity masking substantial lack.
While some participants view ICM as the future of startup financing, others see it purely as a profit tool. This duality makes distinguishing signal from noise difficult.
Future Development Direction
For ICM to mature beyond the hype cycle, it needs to achieve the following:
- Persistent builders: Projects must deliver and retain users, not just raise quick funds. Teams with product-market fit must lead.
- Credible metrics: Screens and dashboards should highlight actual adoption, not just trading volume or volatility.
- Progressive regulation: If tokenized startups want value return, they might ultimately need to merge utility and compliance legal frameworks.
- Narrative principles: Not all tradable ideas are "ICM". The term must retain its essence to have long-term value.
ICM is neither an enemy nor a solution. It's like a canvas, with the final result depending on what is drawn on it.
Though a new concept, its operating mechanism is not unfamiliar. The key is whether it can evolve into something structurally meaningful or fade like many previous crypto crazes. Time and development trends will provide the answer.
