The Internet Capital Markets (ICM) theme signals a shift towards crypto projects with real revenue and user metrics. A direct opportunity is KO, a mobile fitness app with 1.4 million users, where the token's value is tied to the app's growth and in-app purchases. An investment in KO is a bet on its ability to scale its user base and successfully integrate its token economy. For broader exposure to this trend, consider Believe, a token launchpad that provides post-launch support to nurture sustainable businesses. Investing in Believe offers a way to gain exposure to a curated portfolio of high-quality crypto startups.

KO (KO)

• What it is: A mobile fitness application described as a "Duolingo for MMA". It uses a phone's camera and AI to track user movements, provide feedback on form, and guide them through training sessions.
• User Base: The app has significant traction with 1.4 million total users, approximately 300,000 monthly active users (MAUs), and 20,000-25,000 daily active users (DAUs).
• Tokenomics: The KO token functions as an in-app currency, similar to V-Bucks in Fortnite. Users earn XP through training, which converts to KO tokens. These tokens are then used to purchase in-app items like boosts and power-ups.
• Business Model: The app currently generates revenue through a standard subscription paywall, achieving about $100,000 in Annual Recurring Revenue (ARR) since launching monetization in late April. The founder mentioned that future app revenue will go "back into the system," implying potential token buybacks.
• Founder Conviction: The founder, Labib Yasir, is highly committed, having personally invested over $500,000 of his own crypto trading profits back into the company.
• Venture Backing: The company has raised $2 million from traditional Web2 venture capital funds, whose investors are reportedly "hyped" about the token launch.

Takeaways

• The investment case for KO is a direct bet on the growth of its fitness app. The token's value is designed to be closely tied to user growth and in-app activity.
• The project has a clear product with a substantial and growing user base, which differentiates it from many purely speculative crypto projects.
• The long-term vision is to expand beyond MMA to become the go-to platform for any type of workout, aiming to capture a piece of the highly fragmented global fitness market.
• An investment in KO is a bet that the team can successfully scale its user base into the millions and effectively integrate the token into its revenue model, creating a "flywheel" where user growth drives token value.

Believe (BELIEVE)

• What it is: A token launchpad that is part of the "Internet Capital Markets" (ICM) thesis. It helps new projects launch their tokens.
• Bullish Thesis: The guest is "mega bullish" on Believe, viewing it as a "Y Combinator on chain." The key differentiator is its focus on post-launch support.
• Post-Launch Support: Believe provides projects with resources beyond just the launch, including:
  • Help with engineering and hiring.
  • Assistance with marketing and distribution.
  • Business credits for services like AWS, Google Cloud, and Notion.
• Value Proposition: This support system is designed to attract and nurture real businesses with long-term potential, rather than just short-term hype projects. The goal is to align the incentives of builders and traders for sustainable growth.
• Market Signal: The host noted that he bought back into Believe after seeing their commitment to supporting projects, such as through the WAP integration.

Takeaways

• An investment in Believe is a bet on the platform itself and the broader Internet Capital Markets theme.
• The thesis is that Believe's unique focus on post-launch support will attract higher-quality, more sustainable projects compared to other launchpads.
• If this model proves successful, Believe could become a key piece of infrastructure in the crypto ecosystem, benefiting from the success of all the projects it launches. It's a way to get exposure to a curated portfolio of emerging crypto startups.

Internet Capital Markets (ICM) Theme

• Core Idea: The concept that any form of value—including companies, attention, and assets—can be tokenized and traded on-chain. This represents a new, more efficient way for startups to raise capital and build communities.
• Market Maturity: The discussion highlights a shift from pure meme coins to more "sophisticated" investments. Investors are now looking at fundamentals like revenue generation, user metrics, and business models.
• Successful Examples: Platforms like Pump.fun and Hyperliquid were cited as successful, revenue-generating businesses that validate the ICM thesis. They prove that real businesses can be built and thrive on-chain.
• Future Trend: The guest believes this is the future, with talented startup founders from places like San Francisco considering launching tokens on platforms like Believe as a viable alternative to traditional venture capital routes like Y Combinator.

Takeaways

• The ICM theme is a major trend to watch in crypto. It suggests that the next wave of successful projects will be those with real products and sustainable business models.
• Investors should consider looking beyond hype and evaluating projects based on their ability to generate revenue and grow a real user base.
• Investing in the infrastructure that supports this trend (like launchpads with strong value propositions) can be a strategic way to gain exposure to the growth of the entire ecosystem. The conversation is evolving from "wen moon" to analyzing metrics like daily revenue and user activity.

Other Mentioned Assets

• GOAT, ELK, ARC: These tokens were mentioned as past successful trades by the guest, Labib Yasir. He used the profits (over $500,000) to reinvest in his company, KO.
  • Takeaway: This is not a current investment recommendation for these specific tokens. However, it demonstrates the founder's experience in the crypto market and his strong financial commitment to his own project.
• Pump.fun (PUMP): Mentioned as the initial launchpad for KO and as a "novel" and successful revenue-generating platform.
  • Takeaway: It serves as a key example of the ICM thesis in action, but the discussion implies that the market is now looking for more than just a simple launch mechanism, which is the opportunity Believe aims to capture.