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We can, but what would give the token value?

It will be easy enough to sign up to steem-engine and create a comedy token and distribute it to entries, but something has to give it value. If all we do is buy the token back from users then we will quickly run out of Steem and we're back to square one.

Once we figure out a good use for a token, we will impliment a steem token as rewards for sure.

@comedyopenmic,
Don't distribute all, just keep 60% and distribute 40%, in that way it will start trading and you can add more features with it!

Cheers~