Capitalizing on the Bull Market: Steem's Opportunity with Smart Media Tokens
In this episode, the host discusses the potential impact of launching smart media tokens (SMTs) during a full-blown bull market, and the missed opportunities Steem faced in the previous bull run. The key points covered include:
The Importance of Instant Onboarding
The host emphasizes that Steem's inability to scale and provide instant onboarding during the 2017 bull market was a major missed opportunity. Users were forced to wait months to create accounts, which stifled the network effect and compounding growth that social media platforms thrive on. The host argues that if Steem had instant, frictionless onboarding, the platform could have seen 10-100x growth in user signups.
Leveraging SMTs in the Current Market
While the delay in SMT development is seen as a negative in some ways, the host believes there is still significant potential. With heightened awareness and hype around SMTs, the host suggests that if they were launched today, communities and influencers would be eager to create their own tokens, driving adoption and engagement.
Focusing on Onboarding and Liquidity
The host stresses that the current priority should be improving the onboarding process, making it as seamless and frictionless as possible. This includes initiatives like proxy accounts and standardized sign-up flows. Additionally, the host emphasizes the importance of securing exchange listings, particularly on smaller exchanges that may be more accessible during a bull market.
Seizing the Opportunity
The host encourages the Steem community to be proactive and not wait for the "perfect" conditions. By focusing on onboarding, liquidity, and community engagement now, Steem can position itself to capitalize on the next bull market, which the host believes is on the horizon. The host emphasizes the need for a concerted, collaborative effort from the community to drive Steem's growth.
Overall, the episode highlights Steem's missed opportunities in the past and outlines a strategy for the platform to seize the potential of the current market conditions and the upcoming bull run through improved onboarding, liquidity, and community engagement around SMTs and other Steem-based initiatives.
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