STEEM is building a virtual mini economy. SMTs will accelerate it.

Total blockchain market has reached market already reached $800B at beginning of 2018, since then it is seeing lots of developments though the market keeps correcting. As @taskmaster4450's new blog suggested that there is no bear market in developments more specifically in STEEM blockchain.

Moreover, some of the big corporates such as IBM, Microsoft, Apple have invested in blockchain projects. Also, some forward looking nations such as Estonia, Ecuador, China, Senegal, Singapore etc. have lunched or will lunch tokens or cryptocurrencies. Therefore, blockchain technologies are developing at rocket speed. On top of that the STEEM blockchain is testing the edges with mission to tokenize the world.

STEEM is geared to lunch tokens for media based companies called Smart Media Token (SMT). SMT can literally tokenize the whole Internet. Anybody with a decent business idea from anywhere in the world can lunch their token through SMT. An artist can lunch SMT token for his/her virtual art studio. A photographer can lunch token for his/her virtual gallery. Even an upvote bot such as @minnowbooster can lunch token for their business. Interestingly, @minnowbooster already has BUILDTEAM token traded in bitshares exchange.

For starters, @juliank has gamified photography contest through bot account @photocontests. @artzone, @sloticorn and @artzone.curators reward Steemit artists, eSTTEM and busy.org reward contributors who post using their DApps, @utopian-io rewards open-source application developers, @steempress-io reward bloggers who post on Wordpress blog using STEEM blockchain, @steemhunter rewards product hunters. There are new ideas and projects every few weeks that reward the contributors and in future can use SMTs.

Therefore, with lunch of SMT and proven success of some DApps in STEEM blockchain, we can a see a bigger ICO craze. Therefore, a bigger and global virtual economy can rise within the STEEM blockchain.

Within STEEM blockchain, even before launch of SMTs we have seen successful ICOs such as HUNT coin. @steemmonster is already a successful project that has a good business model. Investing in bidbots or voting votes already a popular among the passive income enthusiasts.

However, though some of those ICOs will be smaller than ETH based ICOs, but they will be numerous and creative, open up the floodgate of entrepreneurship in all over the world. It is not far fetched that in the long run, STEEM can build a large global, virtual, mini economy within the cyberspace.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger