How do you think SMT's will change the landscape of Steemit? ?

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If they are well-constructed by issuers, SMTs have the potential to greatly enhance the Steem environment. 

SMTs give the opportunity for dApp owners and Steem communities to raise their own capital for their initiatives. This money could be used to:

(i) Speed-up development and enhance their user experience: by paying developers with the money raised.

(ii) Reward and incentivise dApp / community contributors: for example by investing the capital raised in Steem Power.  SMTs can also be used to reward users.

(iii) Increase their user base:  by a combination of (i) and (ii) to draw in and reward new users and improve retention.

(iv) Improve and increase their content: Increased rewards combined with moderation should incentivise more and better content.

(iv) Gain revenue through advertising: based on an increased user base and better content - see (iii).  

However in order for this to happen SMTs need to be well-constructed:

• There needs to be a clear communication of the utility that the SMT provides to its holders, i.e. how can it be used once it has been earned / purchased. 
• Some kind of link to the future revenue produced by the dApp / community would also be a benefit in my view so that any SMT purchase is a real investment. 
• There needs to be incentive to hold the SMT long-term.
• There needs to be thought as to how to prevent the SMT acting as a faucet, draining any value from the market price of the SMT.

There is a tricky balance to be made between rewarding users and devaluing the SMT price. Lots of number crunching should be involved.

It's going to be interesting to see how things work out!

Just my views. The above represents neither investment nor legal advice. Do your own research if you are setting up or purchasing SMTs.