金融世界歷經多次革命，從股票交易所設立到電子交易興起。今日，一種新典範正在興起，承諾從根本上改變資本流動與投資機會創造方式：網際資本市場（Internet Capital Markets，簡稱ICM）。這項由區塊鏈驅動的現象，引起加密愛好者和傳統金融觀察家的廣泛關注，支持者們認為這是數十年來資本形成最重要的民主化運動。
截至2025年5月，ICM代幣市場總市值約為$4.27億，代表著一個新興且快速擴展的領域，正挑戰著企業募資與投資者進入早期機會的傳統觀念。不同於依賴投資銀行、風投及監管框架等中介的傳統資本市場，ICM運作於去中心化區塊鏈網絡上，使任何擁有網路連線的人都能將想法代幣化，並轉換為可交易的數位資產。
這個概念不只是另一波加密貨幣潮流，本質上體現著一場「網際原生資本形成」的哲學轉變，將構思、融資及市場通路的障礙壓縮為一體化的數位體驗。這變革對於我們理解所有權、投資方式及價值創造的本質，在這個串連全球的世界，帶來深遠影響。
運動的誕生
網際資本市場的根源，可追溯自加密社群內的理論討論，但其實際應用於2025年初開始加速。ICM於2025年初問世後，在X等平台獲得顯著發展，尤其是在加密思想領袖提出以區塊鏈為去中心化資本形成基礎的觀點後。
此名詞最早可見於Multicoin Capital的論文《The Solana Thesis: Internet Capital Markets》，作者Kyle Samani闡述Solana支援去中心化、網際原生資本形成的潛力，為ICM的實踐奠定了知識基礎，說明區塊鏈技術如何移除傳統募資機制中固有的摩擦。
其哲學淵源深入到加密生態對去中心化與無需許可創新的根本信仰。Solana共同創辦人Anatoly Yakovenko提出打造「去中心化NASDAQ」的願景，提供使ICM成為現實的技術與觀念框架。這一構想，指出區塊鏈技術不僅能達到傳統市場的金融複雜度，還能保有網際網路開放與可近性的精神。
ICM的興起時機並非偶然。至2025年初，加密產業已足夠成熟以支援複雜金融應用，同時又保持驅動創新的實驗精神。先前的週期引入了首次代幣發行、去中心化金融協議、非同質化代幣等，為ICM的興盛累積了必要的技術與文化基礎。
技術架構解析
理解網際資本市場的重大意義，必須先了解其對應的底層技術。簡而言之，ICM透過「代幣化」過程，將抽象想法轉化為具體數位資產。這過程包含創建基於區塊鏈的代幣，代表對於專案、應用、網站，甚至meme等文化現象的所有權、使用權或投機利益。
技術實作通常從「債券曲線」機制開始。這種數學公式決定隨著代幣買賣數量變化時，代幣價格如何變動，自動實現做市功能，無需傳統流動性提供者。當創建ICM代幣時，債券曲線設定初始價格並管理供給動態，確保早期參與者即使在尚未有傳統市場基礎設施時也可購買。
網際資本市場專案的操作流程，典型上包括以下步驟：通常先在X發表簡單貼文，開發者使用「$TICKER + 代幣名稱」語法宣布發行代幣。此舉自動佈署代幣，通過債券曲線初始化有限供給並設定高交易費，提高初期價值並抑制早期拋售。
區塊鏈網絡的選擇對ICM實際運作影響重大。代幣將在Solana上發行——這也是ICM最熱門的鏈種，原因在於其低手續費與快速結算，初始流動性由債券機制供給。Solana能以極低成本每秒處理數千筆交易，非常適合ICM應用，確保代幣能即時打造並交易，不會因成本門檻受限。
智能合約自動化了傳統需人為處理的多個環節。任何人欲將想法代幣化時，智能合約負責代幣部署、初始定價、交易機制設計與費用分配。此自動化將從構想到可交易資產的時間，由數週或數月縮短至數分鐘，徹底改變資本形成速度。
畢業機制是另一關鍵技術組件。當代幣市值達到10萬美元時，即可「畢業」到Meteora的深度流動池。手續費則有50%分給創建者，50%分給Believe。此畢業制度確保成功專案可從實驗性代幣平滑過渡至更成熟的交易環境，形成自然的發展路徑。
Believe.app 現象
雖有多平台支持ICM代幣創建，Believe.app 已成為該領域主導者，幾乎等同於ICM運動本身。其市場市值佔ICM總市值中的$3.5億，展現出在新興生態系中的核心地位。
該平台的代幣創建方式帶來存取門檻的根本改變。用戶僅需回覆tweet並輸入「@launchcoin + 名稱」即能鑄造新代幣，旨在將線上注意力轉化為無需許可的資本。「推文轉代幣」模式移除了如技術專業、法規依循、及複雜金融系統的傳統障礙。
Believe.app的用戶數據顯示，市場對資本民主化的高度需求。5月13日至15日間，Believe App單日促成超過4,000枚代幣誕生，充分展現社群動能。這些數據彰顯的不僅是技術突破，更代表將想法變成可投資資產的文化轉型。
其營收模式也驗證了ICM基礎設施的經濟可行性。Believe.app 為基於Solana的發幣平台，前身為1月推出的Clout.me，僅過去24小時就創造出630萬美元手續費，並平均分配給代幣發行者與平台。這種收入分潤機制，使平台經營者、代幣創作者與整體生態共利。
然而，該平台的成長曲線也揭示出加密潮流的高波動性。近期發幣速度已顯著放緩——5月16日降至約2,600枚，5月17日更減至僅895枚，顯示市場熱潮在短期內逐漸退溫。此趨勢亦反映加密市場普遍現象，初始熱情通常超越長期穩定成長。
Believe.app上推出的項目多元，也反映ICM概念的彈性與挑戰。例如：DUPE（自動化商品比價聚合系統）、FITCOIN（AI驅動的虛擬衣櫥）等實用應用。然而，平台表現次佳的代幣並非產品，而是名為GOONCOIN的迷因幣，昨晚以3萬美元估值發行，現已飆升至4,700萬美元。
市場結構及績效指標
ICM代幣的金融表現揭示了這個新型資產的機會與風險。Believe的旗艦代幣LAUNCHCOIN，當日前漲幅高達880%，估值達1.75億美元，展現投資人所追逐的驚人爆發力，卻也同時體現ICM投資極高波動風險。
整體市場數據顯示，ICM代幣市值呈現“爆發—趨緩”的雙峰成長。Believe Screener 顯示，5月13日，ICM代幣總市值尚約2.2億美元，截至發稿時已漲至4.27億美元。儘管增幅驚人，但隨著熱潮消退，成長速度逐步緩和，投資人也開始更謹慎評估每個專案。
ICM代幣的交易模式 reveal important insights about investor behavior and market dynamics. Most trading activity happens within the first 48 hours after token launch, suggesting that much of the investment activity is driven by speculation rather than long-term conviction about project fundamentals. This concentration of trading activity creates both opportunities for quick profits and significant risks for those who fail to time their entries and exits effectively.
揭示了關於投資人行為與市場動態的重要洞見。大多數的交易活動都集中在代幣發行後的前48小時內，這顯示出許多投資活動是由投機心理驅動，而非對於項目基本面有長期信心。這種集中的交易行為既帶來了快速獲利的機會，也為那些無法準確掌握進出場時機的投資人帶來了重大風險。
The success rate of ICM tokens provides a sobering perspective on the challenges facing this new asset class. About 90% of projects fail to maintain value beyond their initial launches, indicating that while the barriers to token creation have been dramatically lowered, the challenges of building sustainable value propositions remain formidable.
ICM 代幣的成功率為這個新興資產類別帶來了一個令人警醒的觀點。約有90%的項目在發行後無法維持其價值，這說明儘管創建代幣的門檻大幅降低，要建立永續價值主張仍然是艱鉅的挑戰。
Platform competition has intensified as the ICM concept has gained traction. Despite Believe's brief momentum, Pump.fun remains the dominant force among Solana launchpads. It consistently handles between 20,000 and 30,000 new token launches per day, far outpacing all competitors. This competition suggests that the ICM concept extends beyond any single platform, representing a broader shift in how token-based fundraising operates.
隨著 ICM 概念受到越來越多關注，平台間的競爭也趨於激烈。儘管 Believe 曾短暫走熱，Pump.fun 依然是 Solana 生態系中最具主導地位的 Launchpad，每日平均處理 2 萬到 3 萬個新代幣發行，遠超所有競爭對手。這樣的競爭意味著 ICM 概念已超越單一平台的範疇，展現出代幣募資運作模式的更大轉變。
Comparing Traditional and Internet Capital Markets
The contrast between traditional capital markets and ICM reveals fundamental differences in philosophy, structure, and accessibility. Traditional capital markets have evolved over centuries to include sophisticated systems for investor protection, regulatory oversight, and market integrity. Companies seeking to raise capital through public offerings typically undergo extensive due diligence processes, regulatory review, and ongoing disclosure requirements designed to provide investors with comprehensive information about risks and opportunities.
傳統資本市場與 ICM 之間的對比揭示了在理念、架構及可及性等層面上的根本差異。傳統資本市場經歷數百年發展，建立了完善的投資人保護、監管機制及市場誠信體系。公司若要透過公開發行募資，通常需經過嚴格盡職調查、監管審查，並持續揭露各類資訊，以讓投資人能充分掌握相關風險與機會。
ICM operates under entirely different principles. Unlike traditional capital markets, which rely on centralized intermediaries like stock exchanges and investment banks, ICMs operate natively on the internet—open, programmable, and globally accessible. This fundamental architectural difference eliminates many traditional gatekeepers while also removing many traditional protections.
ICM 則運作於截然不同的原則之下。和依賴證券交易所、投資銀行等中心化中介機構的傳統資本市場不同，ICM 天生就建立於網際網路之上——開放、可程式化，且對全球用戶皆無障礙。這種架構上的根本差異，雖然消除了諸多傳統審核門檻，同時也移除了許多傳統上的保護機制。
The accessibility contrast is particularly striking. Traditional markets often require significant minimum investments, accreditation requirements, and geographic restrictions that limit participation to wealthy individuals and institutions. ICMs offer open access to capital, decentralized investment vehicles, and new ways for projects and individuals to raise or deploy funds—all powered by smart contracts. This democratization represents both the greatest promise and the greatest challenge of the ICM model.
兩者在參與門檻上的差異尤其明顯。傳統市場通常要求較高的最低投資金額、合格投資人認證，甚至地理上的限制，僅開放給富有的個人或機構參與。ICM 則提供完全開放的資本通道、去中心化的投資工具，以及全新方式讓專案方或個人募資或投入資金——所有流程皆由智慧合約自動執行。這種去中心化與開放性，既是 ICM 模式最吸引人之處，同時也是最大挑戰。
Cost structures differ dramatically between the two systems. Traditional capital formation involves substantial expenses for legal compliance, investment banking services, ongoing regulatory reporting, and market-making infrastructure. These costs can easily reach millions of dollars for public offerings, effectively excluding smaller companies and early-stage projects from traditional capital markets. Unlike traditional capital markets, where traditional projects usually need to go through rigorous roadshows, due diligence, and regulatory approval before an IPO, in ICM, founders only need to @Believe on the official Twitter to easily release their own tokens.
兩種系統的成本結構截然不同。傳統資本市場需要支付龐大費用，包括法律合規、投行服務、持續監管報告，以及做市機制建設。這些費用在公開發行時動輒數百萬美元，使小型公司及早期專案難以進入傳統市場。相較之下，ICM 則免去漫長的路演、繁複的盡職調查與監管審核，創辦人只需於官方 Twitter @Believe 即可輕鬆發行自己專屬的代幣。
However, this cost reduction comes with tradeoffs. Traditional markets provide extensive legal frameworks, established dispute resolution mechanisms, and regulatory oversight that protect investors from fraud and ensure market integrity. But the problem is: the founders have no delivery commitments or legal obligations, and there is no guarantee mechanism to ensure that they deliver on their original goals. This absence of accountability mechanisms has become a central concern for critics of the ICM model.
然而，這種降成本也帶來一些取捨。傳統市場有完善的法律框架、既定的爭議解決機制及監管機構監督，可保護投資人免於詐騙，維護市場秩序。問題在於：ICM 項目方並無履約承諾或法律義務，也沒有任何保證機制能確保項目方兌現最初承諾。這種缺乏責任機制的現象，成為各界質疑 ICM 模式的核心焦點。
The speed differential is perhaps most dramatic. Traditional capital formation processes can take months or years from initial planning to actual fundraising completion. ICM token creation can occur within minutes of concept formation, representing a compression of traditional timelines by factors of thousands. This speed enables rapid iteration and market testing but also creates opportunities for impulsive decisions and insufficient planning.
兩者在速度上的差異可能最為戲劇化。傳統資本市場從規劃到完成募資，往往需時數月甚至數年。ICM 代幣發行從想法萌生到實際生成僅需數分鐘，將整個時程壓縮了上千倍。這種極快的進度雖讓專案能迅速嘗試創新與市場驗證，但同時也可能導致衝動決策與規劃不足的風險。
The Innovation Versus Speculation Debate
The emergence of ICM has sparked intense debate about whether the phenomenon represents genuine financial innovation or sophisticated speculation dressed in technological clothing. Proponents argue that ICM addresses real inefficiencies in traditional capital formation while enabling new forms of community-driven investment that weren't previously possible.
ICM 的興起引發了關於「這是金融創新還是高級版投機」的激辯。支持者認為 ICM 解決了傳統募資低效率問題，並賦予過去難以落實的社群主導投資全新模式。
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. This perspective emphasizes how ICM could democratize access to early-stage investment opportunities that have historically been reserved for professional venture capitalists and wealthy individuals.
分析師Frank於X（前Twitter）強調此趨勢帶來的解放性潛力。他表示，這些代幣提供比傳統股權更易獲取、流動性更高、更去中心化的選擇。這觀點凸顯了 ICM 如何讓早期投資機會由專業風投和富人專屬，轉變為真正全民化。
The potential for genuine innovation extends beyond simple access issues. 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. From this viewpoint, ICM represents a new form of market-driven idea validation that could accelerate innovation across multiple sectors.
真正的金融創新價值，不止於普及投資門檻。分析師Evan Luthra 強調，網路資本市場讓從想法到現實產生的距離大幅縮短，這種加速效應徹底改變了創意落地與資金導入的方式，讓專案更快速完成驗證與迭代。從這個角度來看，ICM 背後蘊含了一種以市場為主導的新型創意驗證邏輯，有可能推動多產業的創新提速。
However, critics argue that ICM tokens are fundamentally similar to previous speculative crypto trends, particularly meme coins. However, skeptics remain doubtful, dismissing ICM tokens as an elevated version of meme coins. This criticism suggests that the sophisticated language around "capital formation" and "democratization" merely obscures what is essentially speculative trading in assets with minimal intrinsic value.
然而，批評者認為，ICM 代幣本質上和過去的加密投機熱潮如 meme 幣沒有太大差異。懷疑者並不買帳，斥 ICM 代幣只是升級版梗幣。這邏輯認為，「資本形成」、「民主化」這類高大上的詞彙只是包裝，實際上仍是一場低內涵資產的投機買賣。
The comparison to meme coins reveals important similarities in market behavior and investor psychology. Both ICM tokens and meme coins derive much of their value from social media attention, community engagement, and viral marketing rather than traditional business fundamentals. Despite claiming to democratize access to funding, ICMs mostly recycle mechanics seen in previous speculative waves—ICOs, NFTs, and memecoins.
與 meme 幣對比可發現，兩者在市場行為及投資人心理上有諸多共通點。ICM 代幣與 meme 幣的價值多半來自社群關注、社群參與及行銷炒作，而非傳統的商業基礎。即使標榜資金民主化，ICM 其實重複了 ICO、NFT、meme 幣等先前投機潮流的運作模式。
The lack of utility for many ICM tokens strengthens critics' arguments. No real utility for tokens: Most assets launched via Believe have no utility, no connection to a future product, and no governance rights. Even the website states that the tokens offer no economic rights. This absence of functional purpose suggests that much of the trading activity is driven by speculation about future price movements rather than investment in productive assets.
許多 ICM 代幣缺乏實際用途，更加強化批評者的論點。大部分通過 Believe 發行的資產既無實用功能，也無法對接未來產品，亦無治理權，甚至其官網直接註明代幣不具任何經濟權利。這種功能性缺失顯示，交易活動驅動力主要來自對價格上漲的投機心理，而非生產性資產的投資價值。
Market data supports both sides of the debate. The rapid growth in market capitalization and trading volume indicates genuine demand for ICM-style investment opportunities. However, the high failure rates and concentration of trading activity in the first 48 hours after launch suggest that much of this demand is speculative rather than based on careful evaluation of project fundamentals.
市場數據也呈現出兩面立場。市值與交易量快速增長，顯示 ICM 投資機會確有真實需求。然高失敗率與交易活動極端集中於發行後48小時，也反映出這些需求多為投機，而非投資人審慎評估專案基本面的理性參與。
Expert Perspectives and Industry Analysis
The cryptocurrency and broader financial communities have responded to ICM with a mixture of enthusiasm, skepticism, and careful analysis. Industry experts bring diverse perspectives to the phenomenon, reflecting different priorities and experiences within the financial ecosystem.
加密貨幣社群與傳統金融圈對 ICM 的興起反應不一，既有熱情、也有懷疑，還有審慎觀察。產業專家們針對這現象各有見解，反映出金融生態內不同立場與經驗。
Technology entrepreneurs have generally expressed optimism about ICM's potential to revolutionize early-stage funding. Attention on Believe has been boosted by tech founder Nikita Bier, who sold his companies, tbh and Gas, to Facebook (Meta) and Discord. Bier has been a major proponent of Believe even back when it launched as Clout.me. Successful entrepreneurs like Bier bring credibility to the ICM concept by demonstrating how established business leaders view the technology's potential.
科技創業家普遍對 ICM 顛覆早期募資的潛力持樂觀態度。Believe 平台受到矚目，一大原因是創辦人 Nikita Bier 曾將 tbh 與 Gas 分別出售給 Facebook（Meta）、Discord，且自 Clout.me 時代便力挺該平台。這類成功創業者的背書，某種程度為 ICM 概念帶來可信度，也展現成熟產業領袖對新技術的看法。
The venture capital community has shown more measured responses, recognizing both opportunities and risks. Some venture capitalists see ICM as complementary to traditional funding mechanisms rather than replacement systems. This perspective suggests that ICM might be most valuable for very early-stage validation and community building, with traditional venture capital remaining important for scaling successful projects.
創投圈則較為審慎，肯定機會的同時也警惕風險。部分創投視 ICM 為傳統募資工具的補充，而非完全替代方案。他們認為 ICM 在早期驗證概念與社群培育上最具價值，成功專案後續仍需傳統創投進場協助擴展規模。
Blockchain researchers and analysts have focused on the technical and economic implications of ICM systems. Research Thoroughly: Verify team identities, look for audit reports, and examine token distribution plans before investing. These recommendations reflect professional investors' approaches to evaluating ICM opportunities, emphasizing due diligence despite the reduced barriers to entry.
區塊鏈研究人員與分析師則較多聚焦於 ICM 系統的技術及經濟影響。他們建議投資人投資前應審核專案團隊身份、尋找審計報告、檢視代幣分配計畫。這些建議體現專業投資人在門檻降低情形下，仍堅持盡職調查的基本態度。
Market analysts have noted the psychological and social factors driving ICM adoption. "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. This perspective captures the excitement and speculative energy that has driven much of the initial ICM growth.
市場分析師注意到心理及社群動力對 ICM 擴散的影響。鏈上分析平台 DYOR 創辦人 Hitesh Malviya 曾在X寫道：「這種刺激感絕對不能錯過，只要越多人投身這場狂歡，我們這些 degens 就能大把賺錢。」這反映出 ICM 初期成長背後的投機熱情與群體狂熱。
However, other analysts have expressed concerns about the sustainability of current ICM models. "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. This critique highlights potential legal and regulatory challenges that could limit ICM's long-term viability.
然而，也有分析師對 ICM 目前模式的可持續性表示擔憂。有評論寫道：「網路資本市場，創業公司不知為何竟願意花營收的 150% 去繳法律費，只為和代幣沾上邊。」這凸顯出 ICM 未來發展可能面臨的合規與法律風險。
Financial advisors and wealth management professionals have generally recommended caution when approaching ICM investments. Limit Your Exposure: Keep ICM tokens to 5-15% of your crypto （未完句，請補充完整內容以便後續翻譯）portfolio given their high failure rates. This guidance reflects professional risk management principles applied to a new and volatile asset class.
由於失敗率極高，組合配置時應特別注意。這項指引體現了專業的風險管理原則，這些原則正被應用於這個新興且波動劇烈的資產類別。
Regulatory Landscape and Legal Considerations
The regulatory environment surrounding ICM represents one of the most significant uncertainties facing the sector's future development. Unlike traditional securities markets, which operate under well-established regulatory frameworks developed over decades, ICM exists in a legal gray area where existing regulations may not directly apply but could still pose significant compliance challenges.
ICM 所處的監管環境，是影響這一領域未來發展最大的不確定性之一。與傳統證券市場不同，後者有著數十年建立起來的成熟監管框架，而 ICM 則存在於法律模糊地帶；現有法規或許無法直接適用，卻可能帶來重大的合規挑戰。
These concerns highlight the murky legal framework surrounding Internet Capital Market tokens, which could hinder their mainstream adoption. The absence of clear regulatory guidance creates risks for both token creators and investors, as regulatory interpretations could change rapidly and retroactively impact existing investments.
這些憂慮凸顯了網路資本市場（ICM）代幣所面臨的法律不透明情勢，這可能會阻礙其主流採納。缺乏明確的監管指引，既讓代幣發行者也讓投資人面臨風險，因為監管機構的解讀可能迅速轉變，並且追溯性地影響現有投資。
Securities law represents the most immediate regulatory concern for ICM tokens. In the United States, the Securities and Exchange Commission applies the Howey Test to determine whether an asset constitutes a security requiring registration and compliance with federal securities laws. Many ICM tokens could potentially be classified as securities if they are sold with expectations of profit derived from the efforts of others, which would subject them to extensive regulatory requirements.
證券法是 ICM 代幣最直接的監管關鍵。在美國，證券交易委員會（SEC）運用 Howey 測試來判斷一項資產是否構成證券，若屬證券則必須註冊並遵守聯邦證券法律。許多 ICM 代幣若以他人努力帶來獲利為前提進行銷售，很可能會被定義為證券，並因此需遵守大量合規要求。
In addition, although the U.S. Securities and Exchange Commission (SEC) and other regulators have not yet addressed the topic of ICM, many users believe that such an investment scheme will sooner or later attract the attention of the authorities. This regulatory uncertainty creates both short-term opportunities for unregulated growth and long-term risks for compliance costs and operational restrictions.
此外，雖然美國證券交易委員會（SEC）及其他監管單位目前尚未明確針對 ICM 採取立場，許多用戶認為此類投資方案遲早將引來主管機關關注。這種監管上的不確定性帶來短期內無監管成長的機會，但也伴隨著長期合規成本與運營限制的風險。
International regulatory coordination adds additional complexity to the ICM landscape. Different jurisdictions may interpret token regulations differently, creating compliance challenges for platforms that operate globally. The decentralized nature of blockchain networks complicates traditional concepts of jurisdiction and regulatory authority, potentially requiring new approaches to international financial regulation.
國際監管協調讓 ICM 的監管格局變得更加複雜。不同司法管轄區可能對代幣法規有不同解讀，對全球性平台而言產生合規挑戰。區塊鏈網路的去中心化本質，使得傳統的地域與監管權限觀念變得模糊，未來或需另覓新式國際金融監管模式。
Platform operators have attempted to address regulatory concerns through various mechanisms. According to LaunchCoin's official guidelines, in order to prevent the tokens themselves from being classified as securities, the platform emphasizes that tokens must be used for non-securities scenarios. These efforts to structure ICM tokens as non-securities reflect awareness of regulatory risks, though their effectiveness in preventing regulatory action remains uncertain.
平台營運者已嘗試透過各種機制回應監管疑慮。根據 LaunchCoin 官方指南，為避免代幣被歸類為證券，平台強調代幣必須用於非證券場景。這些將 ICM 代幣設計為非證券的努力顯示已有監管風險意識，然而這些措施能否有效防範監管行動，尚未可知。
Consumer protection represents another area of regulatory concern. The high failure rates and speculative nature of many ICM tokens could trigger regulatory responses focused on protecting retail investors from losses. Traditional securities regulation includes extensive disclosure requirements, suitability standards, and sales practice rules designed to ensure investors understand risks before making investment decisions.
消費者／投資人保護亦屬監管主要關切。許多 ICM 代幣高失敗率與高度投機性，可能促使監管單位出手保護散戶利益。傳統證券監管要求充分揭露、適合度標準，及銷售行為守則，目的都是確保投資人在決策前能明白風險。
The global nature of ICM platforms creates additional regulatory challenges. Traditional financial regulation relies on the ability to identify and regulate specific entities within particular jurisdictions. Decentralized platforms operating across multiple jurisdictions may be difficult to regulate using traditional approaches, potentially requiring new regulatory frameworks designed specifically for blockchain-based financial services.
ICM 平台的全球性還帶來更多監管挑戰。傳統金融監管仰賴於對特定地域、實體的識別與管控。去中心化並遍佈多國的 ICM 平台，難以用傳統手法監管，有可能需要專為區塊鏈金融服務設計的新監管框架。
Risk Analysis and Investment Considerations
Understanding the risks associated with ICM investments is crucial for anyone considering participation in this emerging market. The risk profile of ICM tokens differs significantly from traditional investments, combining elements of early-stage venture capital, speculative trading, and experimental technology adoption.
對於考慮參與這個新興市場的人們來說，了解 ICM 投資的風險極其重要。ICM 代幣的風險輪廓與傳統投資大異其趣，融合了早期創投、投機交易和新技術採用等特徵。
Market volatility represents the most immediate risk facing ICM investors. LAUNCHCOIN, the native token of the Believe App, has surged nearly 3,000% over the past seven days, climbing from $0.008 to $0.25. While such gains attract investor attention, they also indicate extreme price instability that can result in substantial losses for investors who time their entries poorly.
市場波動是 ICM 投資人面對的首要風險。以 Believe App 的原生代幣 LAUNCHCOIN 為例，過去 7 天漲幅接近 3,000%，由 0.008 美元飆升至 0.25 美元。雖然如此漲勢極具吸引力，但價格劇烈波動的背後，也隱含著進場時機不佳時可能蒙受巨大損失的風險。
The high failure rate of ICM projects creates significant risks for portfolio diversification strategies. About 90% of projects fail to maintain value beyond their initial launches, indicating that most ICM investments are likely to result in total or near-total losses. This failure rate is significantly higher than traditional venture capital investments, which typically experience failure rates of 60-80%.
ICM 項目高失敗率對組合多元化策略構成重大威脅。約九成項目無法於上線不久後維持估值，這表示大部分 ICM 投資將面臨全部或幾近全損。這個失敗率遠高於傳統創投，後者通常失敗率在 60–80% 之間。
Liquidity risks represent another significant concern for ICM investors. While tokens may trade actively during their initial launch periods, most trading activity happens within the first 48 hours after token launch, suggesting that liquidity may disappear quickly as market attention moves to newer projects. This concentration of trading activity could make it difficult for investors to exit positions at favorable prices after the initial excitement diminishes.
流動性風險也是 ICM 投資人重要的顧慮。雖然代幣在初期上線時可能活躍交易，但大部分成交都集中在發行後的 48 小時內，隨著市場注意力轉向新項目，流動性往往迅速消失。這一點導致投資人在初期熱潮過後，難以以理想價格退出部位。
Technical risks associated with blockchain technology and smart contracts create additional vulnerabilities. While blockchain networks are generally secure, smart contracts can contain bugs or vulnerabilities that could result in total loss of invested funds. The rapid development pace of ICM platforms may increase the likelihood of technical issues that haven't been discovered through extensive testing.
區塊鏈技術及智能合約所帶來的技術風險，也使 ICM 更為脆弱。縱然區塊鏈本身相對安全，但智能合約可能存在漏洞或程式錯誤，最終導致投資資金全損。ICM 平台的開發進度過於快速，也提高了潛在技術問題未經嚴密測試便流入市場的機會。
Regulatory risks could significantly impact ICM investments even after they are made. Changes in regulatory interpretation could require platforms to delist tokens, prevent trading, or require compliance measures that make continued operation uneconomical. These regulatory changes could occur with little warning and could apply retroactively to existing investments.
監管風險即使在投資完成之後仍可能造成重大影響。監管解讀或政策一經變動，平台可能需要下架某些代幣、暫停交易或施行高成本的合規措施，導致營運難以為繼。這些變化可能突如其來，甚至可追溯既有投資案件。
Fraud and scam risks are elevated in ICM markets due to the reduced barriers to token creation and the absence of traditional due diligence processes. This lack of accountability is worrying, especially in reality, there have even been some "presidential-level" accounts that forwarded the contract address of a token, but later deleted the post or distanced themselves from the matter on the grounds that the account was hacked.
ICM 市場因代幣創設門檻低、缺乏傳統盡職調查流程，詐騙和欺詐風險格外高。這種責任感的缺乏值得警惕，實務上甚至出現一些「總統級」帳號宣傳代幣合約地址後，又稱帳號被盜，刪文或撇清關係。
Professional investment advisors have developed specific strategies for managing ICM risks. Time Your Entry: Watch social trends since 73% of gains happen during initial hype phases. This guidance reflects the importance of timing in ICM investments, where much of the price appreciation occurs during brief periods of intense social media attention.
專業投資顧問也逐步制訂適合管理 ICM 風險的策略。例如：「把握進場時機：觀察社群熱度──因為高達 73% 的漲幅發生於初期熱潮。」這樣的指引凸顯了投資時機的重要性，價格大多在社群強力關注的短暫階段快速上升。
Artificial Intelligence Integration and Technological Trends
The convergence of Internet Capital Markets with artificial intelligence represents one of the most interesting developments in the space, reflecting broader trends toward AI integration across multiple sectors of the economy. Artificial intelligence (AI) is, of course, one of the dominant technological narratives of 2025; this will most certainly remain the case in years and decades to come. This intersection creates new possibilities for both AI-powered ICM platforms and ICM-funded AI development projects.
網路資本市場與人工智慧的結合，是目前最令人矚目的發展之一，也反映出 AI 技術正在滲透到各個產業的整體趨勢。毫無疑問，人工智慧（AI）將會是 2025 年及未來幾十年最重要的科技主題之一。這個交集為 AI 驅動的 ICM 平台，以及由 ICM 資助的 AI 計畫創造了全新可能性。
AI integration in ICM platforms could address some of the due diligence and risk assessment challenges that currently limit the model's effectiveness. Machine learning algorithms could potentially analyze token proposals, assess creator credibility, and provide investors with better information about project viability. However, implementing such systems would require balancing automated analysis with the permissionless, democratized access that defines ICM's appeal.
AI 與 ICM 平台的整合，有望解決當前由於缺乏盡職調查和風險評估所造成的種種效能限制。機器學習演算法也許可以自動分析代幣提案，評估創建者聲譽，並為投資人提供更多專案可行性資訊。然而，要落實這類系統，必須在自動化分析與 ICM 無許可與去中心化的特性之間取得平衡。
Some of the projects that are utilizing ICM funding include: Yapper (YAPPER): An AI-powered tool designed to help content creators optimize their content and maximize engagement, especially those focused on social media platforms. These AI-powered projects represent the type of internet-native applications that ICM was designed to support, demonstrating how the funding model could accelerate AI innovation.
部分運用 ICM 資金的項目包括：Yapper（YAPPER）—這是一款 AI 工具，協助內容創作者優化內容、提升互動效果，特別是針對社群平台經營者。這些 AI 驅動型專案正好體現 ICM 所要扶植的原生網路應用，也展現出這種資金模式推動 AI 創新的潛能。
The combination of AI and ICM could create new forms of automated investment and project management. AI systems could potentially manage token economies, adjust pricing mechanisms, and coordinate community activities without human intervention. However, such automation could also reduce the human agency and community participation that many consider essential to ICM's philosophical foundation.
AI 與 ICM 的結合，或許能誕生全新的自動化投資與專案管理模式。AI 系統有機會自動管理代幣經濟、調整價格機制、乃至協調社群運作，無需人工介入。但這種高度自動化同時也可能削弱人為決策與社群參與，而這些正是 ICM 精神的核心價值。
Social media integration remains crucial to ICM's success, and AI could enhance these connections. Advanced natural language processing could better analyze social media sentiment, predict viral potential, and identify promising projects before they gain widespread attention. These capabilities could provide sophisticated investors with advantages in timing their ICM investments.
社群媒體整合對於 ICM 的成功仍然至關重要，AI 能夠進一步強化這層連結。先進的自然語言處理技術可用於更精確地解析社群情緒、預測爆紅潛力，甚至於剛萌芽時鎖定有潛力的專案。這些能力有助於老練投資人在 ICM 市場上搶得先機。
Future Outlook and Market Evolution
The future trajectory of Internet Capital Markets will likely depend on how successfully the ecosystem addresses current limitations while maintaining the accessibility and innovation that define its appeal. Several key factors will influence this evolution, including regulatory developments, technological improvements, and market maturation.
網路資本市場（ICM）的未來走向，很大程度取決於這個生態圈能否在維持可及性與創新精神的前提下，有效解決現有局限。這一進程將受多種關鍵因素影響，包括監管政策變化、技術進步，以及市場成熟度提高。
Market maturation could lead to more sophisticated risk assessment tools and investment strategies. The Internet Capital Markets space remains high-risk but offers unique opportunities for investors who combine thorough research with disciplined risk management. As the market develops, professional investment tools and analytical frameworks could emerge to help investors evaluate ICM opportunities more effectively.
市場成熟後，風險評估工具與投資策略預期會更精細化。ICM 領域雖高風險，卻為善於研究與嚴守風控紀律的投資者帶來獨特機會。隨市場發展，將會有愈來愈多專業投資工具與分析框架問世，協助投資人更精確地評估 ICM 機會。
Platform consolidation seems likely as the market matures. In the short term, if Believe can continue to maintain its advantage in competition with other
隨市場成熟，平台整合趨勢日益明顯。短期來看，如果 Believe 能持續在眾多競爭對手中保持優勢……traditional token issuance platforms, the ICM narrative is likely to exist for a long time, because achieving mass adoption of Web3 is always the ultimate goal of the entire ecosystem. However, successful platforms will need to evolve beyond simple token creation tools to provide genuine value for both creators and investors.
傳統代幣發行平台的敘事很可能會長期存在，因為推動 Web3 大規模普及始終是整個生態系統的最終目標。然而，成功的平台必須超越單純的代幣創建工具，為創作者和投資人帶來真正的價值。
The development of use cases beyond speculative trading will be crucial for long-term sustainability. However, if Believe wants to gain a firm foothold and not become a short-lived hype platform like Clanker, it must further strengthen and expand its unique positioning: not only a distribution tool, but also a platform to promote project incubation and real value creation.
發展超越投機交易之外的應用場景，對於長期可持續經營至關重要。然而，如果 Believe 想要站穩腳步，而非淪為如 Clanker 般曇花一現的話題平台，則必須進一步強化並拓展其獨特定位：不僅僅是發行工具，更要成為促進項目孵化與實質價值創造的平台。
Regulatory clarity could significantly impact ICM's development trajectory. Clear regulatory frameworks could provide certainty for platforms and investors while potentially reducing the accessibility that initially attracted users to ICM. Alternatively, regulatory restrictions could drive ICM development toward more decentralized, censorship-resistant approaches that maintain accessibility while operating outside traditional regulatory frameworks.
監管明確性可能會顯著影響 ICM 的發展路徑。清晰的監管框架可以為平台與投資人帶來確定性，同時也可能減少最初吸引用戶參加 ICM 的高可及性。另一方面，監管限制也有可能推動 ICM 走向更去中心化、抗審查的發展道路，在維持可接近性的同時，於傳統監管之外運作。
The integration of ICM with traditional financial systems could create hybrid models that combine the accessibility of ICM with the protections and infrastructure of traditional markets. Such integration could make ICM more attractive to institutional investors and larger companies while potentially reducing its appeal to retail investors seeking alternatives to traditional finance.
ICM 若能與傳統金融體系整合，可能會創造出結合 ICM 高可及性與傳統市場保障及基礎設施的混合型態。這樣的整合能提高 ICM 對機構投資人及大型企業的吸引力，但也可能降低其對於尋求傳統金融替代方案的散戶投資人之吸引力。
Technological Infrastructure and Scalability
技術基礎與可擴展性
The technological foundation underlying Internet Capital Markets will need to evolve significantly to support broader adoption and more sophisticated use cases. Current ICM platforms operate primarily on the Solana blockchain due to its combination of low transaction costs and high throughput, but future development may require additional technological capabilities.
支撐網路資本市場的技術基礎必須持續大幅演進，才能支援更廣泛的採用與更高度複雜的應用場景。目前，大多數 ICM 平台主要運作於 Solana 區塊鏈，其低交易成本與高吞吐量為主要優勢，但未來的發展勢必需要更多技術能量。
Smart contract sophistication represents one area where significant improvements could enhance ICM functionality. Current token creation systems are relatively simple, focusing primarily on basic trading mechanics and fee distribution. More advanced smart contracts could enable complex governance structures, milestone-based funding releases, and automated project management tools that could increase investor confidence and project success rates.
智能合約的進階發展是提升 ICM 功能的一大關鍵。目前大多數代幣發行系統較為簡單，主要專注於基本的交易機制與費用分配。更先進的智能合約則能實現複雜的治理結構、里程碑式資金撥付，以及自動化的專案管理工具，進而提升投資人信心及專案成功率。
Interoperability between different blockchain networks could expand ICM's reach and functionality. Currently, most ICM activity occurs on Solana, but integration with Ethereum, Polygon, and other networks could provide access to different user bases and technological capabilities. Cross-chain bridges and multi-chain platforms could enable more sophisticated ICM ecosystems.
不同區塊鏈網路之間的互通性，有望擴大 ICM 的觸及範圍與功能。目前 ICM 活動多發生於 Solana，但若能與 Ethereum、Polygon 等網路整合，將有機會連結不同的用戶族群及技術能力。跨鏈橋接及多鏈平台可以構建出更先進的 ICM 生態圈。
Scaling challenges may emerge as ICM adoption grows. While Solana can handle current transaction volumes efficiently, broader adoption could strain network capacity and increase transaction costs. Layer 2 solutions, sidechains, or alternative consensus mechanisms may be necessary to maintain the low-cost, high-speed transactions that make ICM accessible to retail users.
隨著 ICM 普及，擴展性挑戰將日益明顯。雖然 Solana 目前能有效處理現有的交易量，但更廣泛的採用可能造成網路運能壓力，並推高交易成本。為維持 ICM 可親近於散戶使用的低成本與高速特性，或許必須導入 Layer 2 解決方案、側鏈，或其他替代共識機制。
User experience improvements will be essential for mainstream adoption. Current ICM platforms require familiarity with cryptocurrency wallets, blockchain transactions, and social media integration. Simplified interfaces, traditional payment integration, and better educational resources could make ICM accessible to users who aren't currently comfortable with cryptocurrency technology.
提升用戶體驗是推動主流採用的關鍵。目前，大多數 ICM 平台要求用戶熟悉加密錢包、區塊鏈操作與社群媒體整合。更簡化的介面、傳統支付整合，以及更完善的教育資源，都能讓尚未習慣加密科技的大眾降低進入門檻。
Conclusion: Navigating the Intersection of Innovation and Speculation
結論：航行於創新與投機的交會處
Internet Capital Markets represent a fascinating intersection of technological innovation, financial experimentation, and social media culture that encapsulates many of the most significant trends shaping the digital economy in 2025. The phenomenon demonstrates both the democratizing potential of blockchain technology and the persistent challenges of building sustainable value in attention-driven markets.
網路資本市場（ICM）正是科技創新、金融實驗與社群媒體文化的有趣交會，具體展現了許多 2025 年數位經濟中的重要趨勢。這一現象同時證明了區塊鏈技術推動民主化的潛力，以及在注意力驅動市場中建構永續價值的持續挑戰。
The core promise of ICM—that anyone can transform ideas into investable assets without traditional gatekeepers—addresses real inefficiencies in capital formation while creating new opportunities for community-driven investment. The ability to compress the timeline from concept to funding from months to minutes represents genuine technological progress that could accelerate innovation across multiple sectors.
ICM 的核心承諾——任何人都可免除傳統守門人，將想法轉化為可投資資產——正是針對資本形成上的現實低效率提出解方，同時開闢社群驅動投資的新契機。將構思到募資的時程從數月縮短為數分鐘，代表著真實的技術進步，有望加速多產業的創新。
However, the current reality of ICM markets reveals significant gaps between promise and practice. High failure rates, speculative trading patterns, and the prevalence of meme-style tokens over serious projects suggest that ICM is still more effective at creating trading opportunities than supporting genuine innovation. The absence of accountability mechanisms and regulatory oversight creates risks for investors while potentially enabling fraudulent activities.
然而，ICM 市場當前現實顯示承諾與實踐之間仍有顯著落差。高失敗率、投機型交易模式，以及迷因代幣蓬勃蓋過嚴肅專案，都暗示 ICM 目前在創造交易機會上遠勝於支持真正的創新。欠缺問責機制與監管把關，也讓投資人暴露於風險，甚至可能成為詐騙活動的溫床。
The debate between innovation and speculation that surrounds ICM reflects broader questions about the role of financial markets in supporting productive economic activity versus facilitating wealth redistribution through trading. Traditional venture capital markets face criticism for excluding many potential innovators and investors, but they also provide valuable services including due diligence, mentorship, and risk management that are largely absent from current ICM systems.
圍繞 ICM 的創新與投機之爭，反映了金融市場究竟是推動生產性經濟活動，抑或僅淪為財富再分配工具的更大議題。傳統創投市場雖被批評排除許多潛在創新者與投資人，但同時也提供了盡職調查、指導、風險管理等多項關鍵服務，而這些在目前的 ICM 系統裡幾乎付之闕如。
The regulatory uncertainty surrounding ICM creates both opportunities and risks that will significantly influence its future development. Regulatory clarity could provide the certainty necessary for broader institutional adoption, but it could also eliminate much of the accessibility that makes ICM attractive to retail users. The challenge for regulators will be balancing investor protection with innovation support while addressing the global, decentralized nature of blockchain-based financial systems.
有關 ICM 的監管不確定性，既帶來機會也暗藏風險，深刻影響其未來發展。監管明確化能促進機構廣泛參與所需之確定性，卻也可能削減 ICM 對散戶吸引力的高可及性。監管機關的挑戰在於，如何在保障投資人與支持創新之間取得平衡，同時對應區塊鏈金融的全球化與去中心化特性。
For investors considering ICM participation, the current environment requires careful risk management and realistic expectations about likely outcomes. The extreme volatility and high failure rates make ICM unsuitable for risk-averse investors or those who cannot afford substantial losses. However, for investors comfortable with venture capital-level risks and interested in participating in financial experimentation, ICM offers unique opportunities to support early-stage projects and potentially benefit from innovative business models.
對於考慮參與 ICM 的投資人，目前環境需要謹慎的風險管理與對結果保持現實期待。極高的波動性與失敗率意味著 ICM 並不適合風險承受度低或無法承擔重大損失的投資人。然而，對於能接受創投級風險、並樂於參與金融實驗的投資人而言，ICM 提供了支持早期專案、並有機會受惠於創新商業模式的獨特機會。
The future of Internet Capital Markets will likely depend on the ecosystem's ability to evolve beyond pure speculation toward genuine value creation. This evolution would require better tools for project evaluation, stronger accountability mechanisms, more sophisticated investor education, and clearer regulatory frameworks. Platforms that can successfully navigate these challenges while maintaining ICM's accessibility and innovation advantages could play important roles in how capital formation occurs in an increasingly digital economy.
網路資本市場未來的成敗，很大程度將取決於其是否能從純粹投機發展為真正的價值創造。這一進化過程，需要更完善的專案評估工具、更強健的問責機制、更成熟的投資人教育，以及更明確的監管框架。能在維持 ICM 高可及性和創新優勢的同時，成功應對這些挑戰的平台，預料將成為數位經濟時代資本形成的重要推手。
As ICM continues to develop, it serves as a valuable experiment in democratizing finance and accelerating innovation. Whether it ultimately succeeds in transforming how businesses raise capital and how individuals access investment opportunities, or whether it proves to be another speculative bubble in the ongoing evolution of cryptocurrency markets, ICM provides important insights into the possibilities and limitations of blockchain-based financial innovation. For now, it remains a high-risk, high-potential phenomenon that exemplifies both the promise and the challenges of building new financial systems for the internet age.
隨著 ICM 持續演進，其本身已是金融民主化與創新加速的寶貴實驗。無論未來能否徹底改變企業募資與個人投資新機會取得的方式，抑或僅成為加密貨幣市場演變中的另一場投機泡沫，ICM 都為區塊鏈金融創新的可能性與侷限提供了重要啟示。當下的 ICM 依然是高風險、高潛力的新興現象，既體現了新金融體系在網際網路時代的美好願景，也道出了建構過程中必然遭遇的種種挑戰。