What is Internet Market Capital (ICM)? Why Is Everyone Talking About Them?

The concept of Internet Capital Markets (ICM) is gaining notable attention in the Web3 ecosystem, particularly in May 2025, as its price performance has surpassed most other sectors. ICM is a capital market system operating on blockchain infrastructure, allowing developers and startups to raise funds directly from the community by issuing tokens representing future ideas or products. In contrast to traditional fundraising models reliant on venture capital firms, ICM democratizes the investment process, enabling retail users to participate from the early stages.

According to DexU.ai, within 24 hours, the price index of tokens under the ICM narrative surged by almost 14%, outperforming categories such as CEX, Lending, DeFi, AI, and RWA, indicating a significant influx of capital and attention toward this trend. ICM stands out for its quick deployment, instant liquidity creation, and high transparency. Nonetheless, the model entails a high degree of speculation, with token valuations primarily being driven by expectations and community attention rather than actual product value.

The operational process of an Internet Capital Markets project typically initiates with a post on X, where a developer announces their token using a specific syntax triggering the automatic token deployment. The token is live on Solana, with initial liquidity seeded through bonding mechanisms. As the idea gains traction, speculative trading begins, with community engagement and narrative convincingness influencing token uptake.

Graduation in an ICM project occurs when a token’s market cap reaches $100,000, deepening liquidity through integrations with Meteora pools. Developers can claim a portion of trading fees, aligning long-term incentives. Over 9,000 tokens have been launched with a total market cap exceeding $350 million as of mid-May 2025, with some developers earning significant trading fees within the initial 24 hours of launch.

Believe.app is a key platform driving the current ICM wave, enabling the creation of idea tokens easily. Despite the opportunities for developers and investors in ICM, there are inherent risks, including extreme volatility, fraud, and the potential for a speculative bubble. It is essential for the ecosystem to evolve in governance, legal clarity, and product standardization for sustainable growth.

In conclusion, Internet Capital Markets present significant opportunities and risks, ushering in a new era of democratized fundraising and innovation. The future of ICM will depend on its ability to address governance challenges and establish legal frameworks, shaping the crypto market’s maturity in the coming years.