In the fast-evolving world of blockchain and crypto, visionary ideas often emerge from the trenches of real-world experience. Recently, Lennart, a seasoned builder in onchain communities since 2019 and a contributor to Backroom, shared a compelling vision on X about what he calls the "endgame" for the internet and crypto: Internet Capital Markets (ICMs). If you're diving into meme tokens or broader blockchain tech, this concept could reshape how we think about funding, ownership, and sustainability in the space.

Lennart's post paints a picture of a world where the internet has already disrupted countless industries, crypto has transformed money flows, and AI is redefining knowledge and decision-making. We're all connected—always on, globally in sync. The final piece? Disrupting capital itself. ICMs aren't just another crypto buzzword; they're envisioned as "everything markets"—a 24/7, borderless financial system where anyone with a smartphone and internet can jump in early, trade anything, and back innovative ideas.

But let's break this down simply. Traditional finance is gated: you need connections, capital, or location to participate meaningfully. Crypto promised to change that, yet today's reality often falls short. Many onchain apps—think decentralized applications built on blockchains like Ethereum—are hype-driven and short-lived. They attract speculators (early adopters who get "farmed" for liquidity), insiders extract value through token dumps, and the project fizzles out. Builders move on, and the cycle repeats. Sound familiar in the meme token world, where pumps and dumps are commonplace?

Lennart argues it's time to evolve. By merging crypto's open capital rails with genuine revenue-generating projects, we can create true onchain businesses. These aren't just speculative plays; they're ventures owned by users, not venture capitalists who exit at the first sign of retail interest. Imagine meme tokens that evolve into sustainable ecosystems, where community members are stakeholders with skin in the game.

AI supercharges this shift. What was once hidden in private networks—deal flows, market insights—is now analyzed and priced in real-time by algorithms and communities. Autonomous agents (think AI-powered bots) could underwrite risks, spot opportunities, and deploy capital faster than any Wall Street firm. For blockchain practitioners, this means meme tokens and other projects could gain from smarter, more inclusive funding mechanisms.

That's why Lennart and his team are launching an ICM incubator and launchpad. It's designed to support founders who get the onchain economy—distributing ownership widely and empowering communities to participate from day one. The goal? Borderless, liquid, and sustainable ventures that thrive beyond hype. These projects would have real customers who are also believers and owners, generating revenue with incentives aligned to the community.

In the meme token space, this could mean the difference between a fleeting viral coin and one that builds lasting value. Projects like these might integrate AI for better governance or use onchain tools to ensure fair launches, reducing the rug-pull risks that plague the sector.

As Lennart puts it, the endgame is a system where anyone can create, fund, and own value directly. Money, capital, and ownership flow freely, without borders or gatekeepers. For those in blockchain, whether you're trading meme tokens or building dApps, keeping an eye on ICMs could be key to navigating the next wave.

Check out the original post on X for the full thread and join the conversation. What's your take—will ICMs kill the speculation cycle in crypto?