P Young players, are you ready for the new battlefield?

Written by: @MiyaHedge

Compiled by: AididiaoJP, Foresight News

Launchcoin founder Ben Pasternak, just mentioning the name causes PTSD across crypto Twitter. The fact that a $40 million token can capture such a high share of minds tells me one thing: tokenized startups have established themselves, and everyone at crypto Twitter is desperately hoping that the concept will succeed.

I have outlined how meme coins slowly died out, and since then, a lot has happened; Let's quickly recap:

BonkFun died quickly, as predicted

PumpFun regained market share, as predicted

Heaven emerged, accounting for 14% of the meme coin market's

overall activity? It hit a new low on August 17, with only 124,000 daily active addresses. You may disagree with me, but the numbers don't lie: the meme coin market is dying.

But what will not die is the intergenerational shift towards gambling, to financial nihilism, to taking significant risks for asymmetric returns. We are in the era of super gambling. This is exactly why tokenization never really took off on crypto Twitter. If you could bet on CHILLHOUSE (expected to rise 10x in 5 days), who would want to bet on Apple on Solana? Tokenization remains the biggest traditional financial theme in this cycle and has been for a year.

RWAs, while important to society, have never attracted significant capital interest within the crypto space, but that all started to change after Ben Pasternak came along.

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we are at some point in the end of the meme coin era and the beginning of the ICM (Initial Coin Offerings) era

we all like to taunt Ben Pasternak, I think he is a visionary in some way.

Startup + Crypto Degen culture is a match made in heaven.

For the first time, you can bet on a real, T1-rated Silicon Valley VC-backed founder for whom Believe has created a digital version of the venture capital reality show. Most of them are premises and visions, and the actual execution is insufficient in rhythm and framework. Now that LAUNCHCOIN is down -87% from its highs, Ben Pasternak is the laughing stock of the entire crypto Twitter.

So is ICM dead now? Digital venture capital reality shows have always been a joke, a bad idea?

I don't think so.

Speculation always goes to anything that can maintain the pace of the narrative.

• In the 1980s, it was penny stocks.

• In the 2000s, it was small-cap IPOs.

• In the 2020s, it was Dogecoin.

Right now? It is a tokenized startup.

Why? Because they are at the meeting point that every stakeholder wants:

• startups need funding + distribution.

• Investors want liquidity exposure to early-stage innovations.

• The crypto space requires a constant inflow of new tokens to sustain the cycle.

Background of Private Equity

Private Equity is a $13 trillion market in 2025 and is expected to reach $12-19 trillion by 2030.

At the moment it is closed: a minimum investment of $1 million, a lock-up period of 5-10 years, opaque reporting, trillions of dollars concentrated in the hands of giants such as Blackstone, KKR, Apollo and others.

As a result, we have trillions of dollars in private assets locked up, and the retail side of the crypto market is eager to acquire new assets that are not shells. This mismatch is an arbitrage opportunity.

We also have young founders who are eager to stand out. The next generation of founders are long-term online masters who are proficient in attracting attention. As AGI gets closer, the only thing that can generate revenue is the ability to monetize your "shell" in the most efficient way. Technology will no longer matter, it will become a game to see who can promote their products in the best way to gather a large customer base.

These Gen Z founders are well-versed in meme grammar and have been trained to navigate algorithmic recommendation streams since adolescence. They are not just "founders", they are cultural operators. The actual codebase can be forked, outsourced, and automatically generated by AI, but wrapping it into a viral narrative that forces millions of people to click, share, and ultimately pay is a scarce skill. They weaponize network effects and maximize attention by creating a token that automatically attracts millions of users to their products. This is why tokenized startups have an advantage over untokenized ones.

Take a look at Murad's SPX game plan. "Promote this coin to one person every day to increase the number of holders". For Believe, you should be incentivized to promote startups to increase their user base, and if the development team does the right design around their token, it should also benefit token holders together. This user flywheel is crucial for tokenized startups.

This is perfectly in line with the zeitgeist of the moment: they are not selling a product, but a real-time narrative with a ticker symbol attached to it. Founders can direct their attention-maximizing skills to a tradable object from day one. Every tweet, every viral marketing, and every market cycle translates directly into liquidity.

Tokenized startups are inevitable because they meet the needs of each side of the equation.

Now don't get me wrong: this is not a promotion for LAUNCHCOIN, I think Believe screwed up, they launched a product that only did 1/10 of the way, the framework is terrible, and promote these tokens like meme coins, and what you really should do is design them as close to securities as possible.

ICM is so hot, but no one wants to hold a token for more than 30 seconds, the two are mutually exclusive.

I don't know if this narrative shift will take two months or two years to unfold. I invested a six-figure sum this month to create a legal framework that would allow startups to be tokenized while not being recognized as a security. As far as I know, there are at least 5 other teams doing the same. There are some people in the shadows, with the support of large law firms, who have been building a legal framework for tokenized equity for almost a year.

I don't know when this will happen, but the process will be as follows:

• Tokenized startups through a non-securities model

• Small and mid-cap valuation companies tokenized through a securities model Tokenized by

large

• (over $1 billion) private companies through a securities model

and you need to be a part of it.

Private equity is the largest untapped market in the crypto space that has yet to be touched.

It fits perfectly into crypto culture.

Gambling-like nature, without excessive financialization, a large influx of new companies.

Tokenized startups will mark the beginning of tokenized private equity and will become the new casino for degenerate super gambling, losing all their savings.