ICM is not the enemy, but it is also not the solution at this moment.
Written by: Choze, Crypto KOL
Compiled by: Felix, PANews
A new model is emerging: noisy, fast, and speculative. It is called the Internet Capital Market (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 issuing tradable tokens for internet-native applications directly on X (yes, here) using tools like Launchcoin and Believe. What was the result? A permissionless market emerged where ideas turned into tokens, hype turned into capital, and speculation turned into product appeal.
ICM is attracting attention, but the bigger question is not whether it can 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 capital, no banks, and 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 increases, fees accumulate, and developers profit. If enough people believe, the token will skyrocket. If not, it will fade away. This is the core mechanism behind platforms like Believe and Launchcoin.
Supporters argue that ICM democratizes innovation. Critics contend that it financializes virtual products. Perhaps both sides have a point.
Bullish Argument: Speculate First, Build Later
The strongest arguments in favor of ICM can be summarized in four aspects:
Permissionless creative financing: Anyone with internet access can support builders. No venture capital meetings, no gatekeepers.
Aligned revenue interests: Builders earn 50% of transaction fees, providing them with direct funding to launch products.
Frictionless viral distribution: By tying token issuance to X posts, the distribution speed matches that of meme coins.
Cultural unlocking: ICM aligns with the trend of "vibe coding." Independent developers, creators, and niche founders leverage retail capital from zero to one.
This flywheel has gained tremendous momentum:
The market cap of $DUPE skyrocketed to $38 million within days.
$BUDDY achieved $300,000 in ARR (Annual Recurring Revenue) through AI creative tools.
$FITCOIN reached 300,000 downloads and millions of impressions.
This slogan is highly appealing: fund ideas immediately, leverage hype, and then rely on community belief to build products.
Source: @Prateek0x_
Bearish Argument: Tokenized Noise
But beneath the surface lie deep structural risks:
Insufficient product-market fit: Many ICM tokens launched without any functionality or demand proof, merely hype and memes.
Speculation outweighs substance: Retail investors buy tokens based on hype cycles rather than business fundamentals.
Short-termism: Since builders can earn transaction fees immediately, the incentive to maintain long-term value is limited.
Lack of legal protection: Most ICM tokens are not equity and are unregulated, making accountability uncertain.
Low user stickiness: Tokens may rise rapidly but can also fall just as quickly. The alignment of user and platform interests is hard to guarantee.
Personally, I believe this trend could co-opt the "ICM" label, undermining its original promise of on-chain IPOs and liquid digital equity, turning it into a speculative playground filled with "pump and dump" meme coins.
Even among active traders, many candidly admit their intent is merely to profit quickly, indicating that even so-called believers are playing short-term games.
Believe: Infrastructure or Accelerator?
At the core of the ICM ecosystem is the Believe ecosystem, which allows anyone to issue tokens in seconds. The process is simple:
Tweet to publish a token ($TICKER + name)
Instantly generate a Bonding Curve and liquidity pool
Earn 50% of all transaction fees
Once the token reaches a market cap threshold ($100,000), deeper liquidity can be accessed.
Builders do not need to raise funds in the traditional way. But therein lies the problem.
When profits are earned before a product even appears, the line between builders and speculators becomes blurred.
While projects like $DUPE and $GIGGLES show some appeal, others feel more like memes. The infrastructure is impressive, but tools do not achieve their purpose.
Two Visions' Narrative
There is a fundamental divide in opinions 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 is merely a speculative playground for tokenized minimum viable products (MVPs), lacking a roadmap, moat, or accountability.
Both narratives are circulating. Depending on which side builders gain momentum, one may 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 trends.
But this same convenience also brings dilution risks. Without discipline or long-term collaboration, ICM could devolve into another "pump and dump" venue. In this scenario, meme coins don the guise of productivity, with liquidity masking a lack of substance.
While some participants view ICM as the future of startup financing, others see it purely as a profit tool. This duality makes it difficult to distinguish between signal and noise.
Future Development Directions
To mature ICM beyond the hype cycle, the following must be achieved:
Lasting builders: Projects need to deliver and retain users, not just raise funds quickly. Teams with product-market fit must take the lead.
Credible metrics: Screens and dashboards should highlight actual adoption, not just trading volume or volatility.
Gradual regulation: If tokenized startups want to achieve value returns, they may ultimately need to integrate a legal framework of utility and compliance.
Narrative principles: Not all tradable ideas are "ICM." The term must retain its connotation to have long-term value.
ICM is not the enemy, but it is also not the solution at this moment. It is like a canvas, and the final result depends on what is painted on it.
Though a new concept, its operational mechanisms are not unfamiliar. The key is whether it can evolve into something structurally meaningful or fade away like many previous crypto fads. Time and development trends will provide the answer.
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