What the Future of Steem Crypto looks like
Future of Steem
The fact that Steemit tags the social activity of commenting, contributing blogs and voting up stories, with monetary rewards, means it has real demand. People can actually get free money on the platform by participating in this social activity because Steem dollars can be redeemed with real-world currency. It is clear to see that the future of Steemit depends on the amount of people using it and how valuable the platform and network will become in future for real world applications. It is also clear that blogging, content consumption and social media is helping companies to advertise their businesses and brand, meaning it has real demand in the world out there. It is almost not possible that all people would stop using social media, blogging and content consumption in the near future. If, for instance, you look at the numbers, many companies are into blogging than ever. The number of active curators on the Steemit platform is beyond 25,000 and the number of active authors has shot to beyond 10, 000 since it started being used, as of last month data. The number of posts on the platform was close to 20,000 with the number of comments crossing the 100,000 mark last month since the platform started. The catch is whether Steemit will continue to grow to become a platform for many. Currently, the platform is on its beta stage and there is no doubt that it would need to attract millions of users beyond the half a million unique monthly visitors to gain more popularity. But it has real potential. The amount of compensation is also something to look at when considering if or not more people will join the network. Another factor that will determine the success of Steem crypto is whether it will be accepted by other platforms such that people can pay for other goods and services using Steem dollars. So far, that has been critical in the success of Bitcoin and other cryptos. For now, there is a limit: Steem tokens are locked up in Steem Power for so long. It takes three months to turn Power into tokens in order to sell them or trade. In a way, that could be one reason that makes its price stable and look attractive to investors.
What then are the opportunities for blockchain-based social apps? Below I’ll outline three major types of opportunities.
Building Communities Around Scarce Assets
The very broad answer is that social apps that seek to build on blockchain need to explore novel social spaces that are uniquely enabled by blockchain. More specifically, there seems to be an opportunity to build social apps that leverage provably scarce items to drive engagement. Decentraland was the first example, and Cryptokitties more recently popularized the idea.
Pokemon Go and Minecraft immediately come to mind as existing mainstream apps that should leverage blockchain in this capacity.
It seems a bit crazy to project that people will want to own large numbers of unique cryptographic blobs of data that represent silly digital objects. But actually, it’s not. We already know that people value scarce objects: see art, rare cars, and unique real estate. In time, arbitrary cryptographic blobs of data that represent arbitrary sets of on-screen pixels will come to be valued in the same way that arbitrary brush strokes on a canvas are.
There is already a large economy for digital goods. People spend on the order of $50 billion annually on digital, in-game goods that are not provably scarce. These games support thriving, engaging communities.
Developers will build thousands of apps around cryptographically-scrace digital assets. Dynamic, engaging communities and commerce will organically emerge in each community. Some of these will be tied to real-world phenomena, like reality TV, game shows, etc. Others will be built on fictional universes like Harry Potter.
It’s not clear if it’s sensible to leverage these niches to try to compete more directly with incumbents such as Facebook, Reddit, and Twitter in broad-based self-expression (rather than around shared niches of interest). It may not be.
Source
https://www.quora.com/What-is-STEEM-and-how-does-it-work
https://www.quora.com/What-is-STEEM-and-how-does-it-work
http://www.cryptomorrow.com/2017/08/26/future-of-steem-crypto/
https://blockgeeks.com/guides/blockchain-applications/