A quiet revolution is happening in how startups raise capital and how users participate in that upside. It's called Internet Capital Markets (ICM)—a new model where founders, communities, and creators can launch tokens that represent meaningful ownership and value alignment with the projects they're building.
Think of ICM as the internet-native version of a public offering—but instead of waiting years to IPO through traditional financial institutions, teams can launch small, programmable, and transparent tokens directly to their users, communities, or customers. It's capital formation without the gatekeepers. And unlike the speculative meme coins of 2021, these tokens are increasingly tied to real usage, economics, and product growth.
Why ICM Exists
Traditional capital markets are largely inaccessible. Most people can't invest in early-stage companies. Most startups can't reach the public markets. And while equity works for venture-backed companies, it rarely aligns with online communities, open-source projects, or new kinds of software primitives that benefit from global participation from day one.
ICM solves for this:
- It lets early communities participate in upside.
- It gives founders a new way to raise without relying solely on private equity.
- It creates a transparent market where contribution and value can be rewarded dynamically, not just through board seats and SAFEs.
How It Works
ICM platforms allow founders to create and launch tokens that are:
- Tied to their product (e.g. usage fees burned or redistributed)
- Distributed to early users or contributors (bootstrapping engagement)
- Tradeable and trackable on-chain, with open data
These tokens are programmable: founders can design buybacks, reward loops, access rights, or other mechanics based on product usage or revenue. Importantly, the best ICM tokens don't just exist to trade—they exist to coordinate.
Real Examples
Projects like pump.fun and Hyperliquid are already proving out early models for ICM—where tokens are launched natively, utility drives growth, and the community plays a central role in early adoption.
BelieveApp: A Notable Example
Believe allows users to buy tokens that represent belief in a specific founder or startup—essentially, a direct investment in individuals building ambitious companies. It's a social, reputation-driven capital market built for the internet generation.
While still early, it represents a clear application of ICM: raising funds and building momentum from a public audience without going through traditional VC or IPO pathways. These projects are showing that ICM tokens can combine capital formation, community building, and product integration in one cohesive loop.
Why This Matters
We believe Internet Capital Markets are not a fad—they are a foundational shift in how the internet allocates capital. Over time, we expect:
- More startups to launch with ICM tokens alongside (or instead of) equity
- Local businesses and creators to issue community tokens with real value
- A new generation of platforms to support token design, compliance, and sustainability
This is the beginning of global, programmable, permissionless capital formation. The internet never had its own capital market. Now it does.
Where It's Going
We're still in the early stages. But the most promising ICM platforms are:
- Prioritizing product utility over speculation
- Supporting founders with tools, templates, and launch support
- Building mechanisms for trust: transparency, burn mechanics, fee visibility
As these platforms mature, and as more talented founders explore the model, we expect ICM to complement traditional venture, not replace it. The best teams will use both: equity for long-term alignment, tokens for community and distribution.
Final Thoughts
Internet Capital Markets represent the next frontier in how people fund, grow, and participate in software projects. They won't replace equity—but they expand the range of what's possible, especially for founders and communities building in public.
If you're a founder considering this path, or just curious how capital markets are being reimagined for the internet age, stay tuned. This space is moving fast—and it's only just getting started.