互联网资本市场（ICM）代币最近淹没了市场

在过去的三天中，企业和开发人员已经推出了大约12,000个应用程序令牌，使投资​​者争先恐后地跟上。

The Internet Capital Markets (ICM) tokens have been flooding the market lately, as businesses and developers have launched around 12,000 app tokens in the past three days. With this rapid surge, investors are scrambling to keep up and might need some help sorting through the good, the bad, and the ugly.

互联网资本市场（ICM）代币最近一直在淹没市场，因为在过去三天中，企业和开发商已经推出了大约12,000个应用程序令牌。随着这一快速的激增，投资者正在争先恐后地跟上，并且可能需要在好，坏和丑陋的情况下进行一些帮助。

Amid the chaos, one expert has argued that these tokens actually represent Attention Capital Markets (ACM) and not Internet Capital Markets, and he also outlined strategies for capitalizing on the meta’s potential and highlighting its long-term opportunities.

在混乱之中，一位专家认为，这些代币实际上代表了注意力资本市场（ACM），而不是互联网资本市场，他还概述了利用元数据潜力并突出其长期机会的策略。

6 Factors to Assess Internet Capital Markets Tokens

6个评估互联网资本市场代币的因素

Breaking down the subject in a recent post on X, Yash Agarwal, co-founder of SendAI, explained that the Internet Capital Markets imply real ownership of equity through tokens on the blockchain.

仙台联合创始人Yash Agarwal最近的一篇文章中分解了该主题，他解释说，互联网资本市场暗示了通过区块链上的代币对股权的真正所有权。

However, the recent app token launches on Solana (CRYPTO: SOL) via the Believe (ADJ) app don’t necessarily have any inherent equity value. Instead, they are better described as attention tokens.

但是，最近的应用程序令牌通过信仰（adj）应用程序在Solana（Crypto：Sol）上启动不一定具有任何固有的权益值。相反，它们被更好地描述为注意力象征。

“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!,” Agarwal stated bluntly.

“没有股权价值 - 应用程序没有直接的令牌集成，而代币持有人没有任何收入。这是一个关注的象征，这很好！” Agarwal直言不讳地说。

This clarity is useful for buyers, who can assess an app’s, and its token’s, potential by considering how much attention it is likely to get.

这种清晰度对于可以通过考虑可能受到多少关注来评估应用程序及其代币的潜力的买家很有用。

“Attention = volumes = revenues (they're inherently incentivized to chase frothy narratives (like ai agents) to drive speculation),” Agarwal added.

“注意力=卷=收入（它们固有地激励着追逐泡沫的叙述（如AI代理）来推动投机），” Agarwal补充说。

In addition to this key factor, Agarwal recommended considering several other attributes when evaluating an app token:

除了这个关键因素外，Agarwal还建议在评估应用程序令牌时考虑其他几个属性：

Also highlighting the importance of rational investment behavior, DeFi Mars, an on-chain analyst, urged the ICM community to focus on meaningful projects and strong teams.

链分析师Defi Mars还强调了理性投资行为的重要性，敦促ICM社区专注于有意义的项目和强大的团队。

"Leave the copy-paste coins behind because in the new era of Internet Capital Markets, only quality survives!!," Mars wrote.

火星写道：“将复制纸币留在后面，因为在互联网资本市场的新时代，只有质量才能生存！！”

The ease of token creation on the Believe app wasn't meant to be used to fuel the meme coin craze, but rather as part of a broader vision for Internet Capital Markets, he added.

他补充说，在相信应用程序上的代币创建的便利性并不是要用来助长模因硬币热潮，而是作为互联网资本市场更广泛愿景的一部分。

"These aren't just memes—they're building something and the market is rewarding that."

“这些不仅仅是模因 - 他们建立了一些东西，而市场正在为此带来回报。”

Another analyst, Miya, pointed out that the Believe app—which was originally designed to serve as a replacement for traditional venture capital by enabling token-backed startup funding—is being misused.

另一位分析师Miya指出，该应用程序最初被旨在通过启用代币支持的启动资金来替代传统风险投资的应用程序。

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.

相信应用程序的核心思想是建立“网络灵性”，鼓励用户推广初创企业，增长用户群，从而提高令牌价值。

However, in the real world scenario, the platform has become a breeding ground for meme coins, which ultimately dilutes liquidity and undermines the essence of the Believe app, Miya said.

但是，在现实世界的情况下，该平台已成为模因硬币的繁殖场，最终稀释流动性并破坏了信仰应用程序的本质。

"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.

Miya说：“我认为我们需要达到索拉纳（或相信）摆脱所有低质量的模因硬币交易并进入新阶段的地步，然后回到公用事业项目。”

The Future of Internet Capital Markets

互联网资本市场的未来

Moreover, in addition to the evaluation factors, Agarwal also predicted several upcoming developments in this sector. Most importantly, on-chain equity will become a reality.

此外，除了评估因素外，Agarwal还预测了该领域的几个即将发生的发展。最重要的是，链股权将成为现实。

In this case, owning tokens would directly translate to owning equity in the app at launch—a true embodiment of ICM.

在这种情况下，拥有代币将直接转化为启动时在应用程序中拥有权益，这是ICM的真正体现。

"AI. It'll accelerate this meta a lot — is a huge tailwind and timing couldn't have been better," Agarwal asserted.

阿加瓦尔断言：“ ai。它会很大程度上加速这个元的元来 - 这是巨大的尾风，时机再好不过了。”

Furthermore, launchpads will remain open and accessible to all. Nonetheless, specialized frontends will emerge to filter quality projects, with tiers forming based on user adoption and curation.

此外，发射台将保持开放且可供所有人访问。尽管如此，专门的前端将出现以过滤质量项目，并根据用户采用和策划形成层。

Finally, Agarwal highlighted the growing opportunity for research firms and newsletters to provide high-quality, independent research on liquid tokens, similar to the offerings in equity markets. These organizations could also issue ratings for tokens, guiding retail investors in their investment decisions.

最后，阿加瓦尔（Agarwal）强调了研究公司和新闻通讯提供了越来越多的机会，可以为液体令牌提供高质量的独立研究，类似于股票市场的产品。这些组织还可以为代币发布评级，指导零售投资者进行投资决策。

While Agarwal’s predictions about Internet Capital Markets may yet come to pass, only time will tell whether this narrative will continue to gain traction or ultimately fade as the market matures.

尽管阿加瓦尔（Agarwal）对互联网资本市场的预测可能会通过，但只有时间才能说明这种叙述是否会继续吸引人或随着市场成熟的最终消失。