The Internet Capital Markets (ICM) tokens have flooded the market lately. Businesses and developers have launched around 12,000 app tokens in the past three days, leaving investors scrambling to keep up. Amid this surge, an expert has argued that these tokens represent Attention Capital Markets (ACM) and not Internet Capital Markets.
He also outlined strategies for capitalizing on the meta’s potential and highlighting its long-term opportunities.
How to Assess Internet Capital Markets Tokens: Expert Shares 6 Factors
Yash Agarwal, co-founder of SendAI, shared his detailed analysis on X (formerly Twitter). He explained that the Internet Capital Markets imply real ownership of equity through tokens on the blockchain.
Nonetheless, the current app token launches on Solana (SOL) via the Believe app represents attention rather than equity.
“No equity value — apps don’t have direct token integrations, and token holders don’t have claim to any revenue. it’s an attention token — and that’s fine!,” he wrote.
This clarity is beneficial for buyers looking to navigate the space. They can evaluate the potential of an app and its token by considering how much attention it is likely to get.
“Attention = volumes = revenues [they’re inherently incentivized to chase frothy narratives (like ai agents) to drive speculation],” Agarwal added.
He outlined a rigorous evaluation framework. Key factors to consider include:
Virality: It’s important to evaluate whether the app has features designed to foster growth. These include social sharing options or rewards that encourage user engagement.
Commitment of founders: Agarwal emphasized that investors should assess if the founder is fully committed to the project or if it is merely a side project with limited focus.
Feedback and iteration: A successful app should show evidence that the founders continuously improve it based on user feedback, rather than simply launching it and focusing solely on promoting the token.
Crypto integration: It’s crucial to determine whether the app utilizes blockchain technology or is simply capitalizing on the crypto trend without offering real crypto functionality.
Longevity: Investors should look for features within the app that help ensure long-term user retention. This is key for sustained growth.
Launch status: Lastly, Agarwal advocated checking whether the app is already available or still in the pre-launch phase. He stressed that most launches tend not to go well, as the hype and expectations tend to surpass the actual outcomes.
In addition, DeFi Mars, an on-chain analyst, urged the ICM community to focus on meaningful projects and strong teams.
“Leave the copy-paste coins behind because in the new era of Internet Capital Markets, only quality survives!!” the analyst wrote.
Mars stressed that the ease of token creation on the Believe app was not intended to fuel the meme coin craze. Instead, it was designed as part of a broader vision for Internet Capital Markets.
“These aren’t just memes—they’re building something and the market is rewarding that,” he noted.
Another analyst, Miya, also warned that the Believe app—originally designed to replace traditional venture capital by enabling token-backed startup funding—is being misused. The core idea of the Believe app is to build “network spirituality,” encouraging users to promote startups, grow user bases, and thereby increase token value.
However, in practice, the platform has instead become a breeding ground for meme coins. This trend, Miya notes, dilutes liquidity and undermines the Believe app’s mission.
“I think we need to get to a point where Solana (or Believe) breaks free from all the low-quality slop meme coin trading and enters into a new stage, back to utility projects,” Miya stated.
The Future of Internet Capital Markets
Meanwhile, in addition to the evaluation factors, Agarwal also predicted several upcoming developments in this sector. Importantly, he forecasted on-chain equity becoming a reality.
In this case, owning tokens would directly equate to owning equity in the app at launch. This would be a true form of ICM.
“AI. It’ll accelerate this meta a lot –– it’s a huge tailwind and timing couldn’t have been better,” he claimed.
Agarwal also said that launchpads will remain open and permissionless. Nevertheless, specialized frontends will emerge to filter quality projects, with tiers forming based on user adoption and curation.
He added that there is a growing opportunity for research firms and newsletters focused on liquid tokens. These organizations can provide independent, high-quality research similar to equity markets. Moreover, they can issue ratings for tokens, thus guiding retail investors.
While Agarwal’s predictions about Internet Capital Markets may materialize, only time will tell whether this narrative will continue to gain traction or ultimately fade as the market matures.
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