The rise of Internet Capital Markets (ICM) tokens has divided the crypto community on X (Twitter) over what the future of this space will look like. Supporters highlight the sector’s potential to drive significant business growth and democratize capital formation. 

However, skeptics remain doubtful, dismissing ICM tokens as an elevated version of meme coins.

Are Internet Capital Markets Tokens the Future of Crypto?

For context, Internet Capital Markets is a trending crypto meta. Businesses and developers are now tokenizing their app ideas, websites, or projects, transforming them into tradable digital assets on blockchain platforms. Essentially, this allows users to invest in an app’s potential by buying tokens tied to its concept. 

Analyst Frank emphasized the liberating potential of this trend in a post on X.  He explained that these tokens offer a more accessible, liquid, and decentralized alternative to traditional equity ownership. 

“It’s going to be way bigger than trading meme coins,” he predicted in early 2025. 

Though the sector has existed for some time, it has gained significant traction recently with the emergence of many new tokens. This heightened attention has fueled impressive growth in the space, making Frank’s prediction seem less far-fetched.

According to the latest data from Dune, 7,619 tokens have been launched on the Believe app, which is the launchpad for ICM tokens. This represents a 138.6% increase from yesterday.

Moreover, 423 tokens have already been activated. That’s not all. Believe Screener revealed that the total market capitalization of tokens has almost doubled from around $220 million on May 13 to $427 million at press time.

These figures exemplify the community’s optimism toward the sector. In fact, many market watchers have now crowned it as a meta that can’t be missed.

“It’s a thrill not to be missed — and when more builders join the thrill, we degens on the other side gonna have a big platter of opportunity to make money,” Hitesh Malviya, founder of on-chain analytics platform DYOR, posted on X.

In addition, analyst Evan Luthra emphasized that Internet Capital Markets are compressing the gap between a concept and its real-world impact. This acceleration fundamentally changes how ideas are brought to life and funded, allowing for quicker realization and iteration of projects.

“Every financial revolution looks like a scam at first. But the point of ICMs isn’t guaranteed upside. It’s radical accessibility to early-stage internet projects.” Luthra remarked.

Meme Coins vs. ICM Tokens: Is There a Difference?

Despite this, the trend has also attracted many critics. Many argue that Internet Capital Market tokens are little more than a rebranded version of meme coins, which have long been criticized for their volatility and lack of intrinsic value.

“Internet capital markets is just a fancy way of saying meme coin. Same trash,” an analyst posted.

Another user raised a similar concern. He drew parallels between Believe and platforms like Pump.Fun, suggesting there might be no real distinction.

“What stops devs from monetising their idea on internet on those apps vs believe?” the user questioned.

Nonetheless, Malviya pointed out that the main difference between meme coins and ICM tokens lies in the credibility of the builders.

“In memes any random dude could become dev and launch token — here you get builders with track record launching apps, you are speculating on app not on cultural relevance of meme,” he said.

Yet, when asked how long the narrative would last, Malviya gave a less optimistic response. He estimated it would only last around 4-6 weeks. 

Meanwhile, legal concerns further complicate the narrative. A user pointed out that many meme coin projects include disclaimers about their tokens offering no real utility or expectations. He stressed that this is not random but a deliberate choice because integrating genuine use cases or buyback mechanisms is challenging.

For ICM developers, this raises a significant challenge. While launching tokens can be an appealing way to raise capital quickly, developing tokens with genuine use cases requires careful planning, substantial technical infrastructure, and a clear long-term product vision. It also involves compliance with complex legal and regulatory frameworks, which could increase costs for developers.

“Internet capital markets. Where somehow startups are prepared to spend 150% of their revenue on legal fees to be associated with a token,” he wrote.

These concerns highlight the murky legal framework surrounding Internet Capital Market tokens, which could hinder their mainstream adoption. Thus, while the sector is booming now, its trajectory remains uncertain.