How I would like to build demand for steem tokens ?

in Project HOPE2 years ago

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An old friend and a long time supporter of steemit and steem has proposed a wonderful solution to create the demand for steem tokens and help steemit grow. You can read all about it here

https://steemit.com/hive-175254/@crypto.piotr/help-steemit-grow-my-personal-suggestion-on-how-to-bring-more-demand-for-steem-join-discussion

After reading this post I was about to write my response but something made me stop and now I would like to suggest a little tweak

How I see the current situation the steem economy faces ?

I think that steem economy faces what is typically a man in a boat with hole situation.

Let me explain
Once a man was in a boat in the middle of the sea. He discovered that water was coming into the boat.
He had a bucket using which he started taking the water out of the boat.
However the reason for water getting into the boat was holes that large fishes were poking into the bottom of the boat.
If you look at the situation it would appear the man is doing the job of saving the boat and himself.

How is this relevant from in the context of creating demand for steem by burning it ?

The boat represents the steem economy . It is not drowning however the stagnation in its price and even the prices getting lower is more in the hands of the big fish who are the big stakeholders that is those who run the blockchain.

So though the action to burn steem that is the the man taken out water out of the boat is brave and laudable however the end results depend upon a number of factors such as

  • What is the current emission of steem ?
  • What is the amount of steem being sold by the various stakeholders ?

With this we can come up with a burn plan though for it to be successful we are going to need the help support and contribution of the big stakeholders.
One good solution as suggested by @crypto.piotr is to set up an affiliate account and with the affiliate income generated buy and burn steem by sending it to the null address.

A Proposed tweak to this system

As an alternative I would like to add visibility for steem.
For this I choose passive income seekers as the target audience.

The idea is to design NFT's Each NFT is powered up by locked up steem or steem powered up accounts.
So I person can buy hold or trade these NFT's

This is the front end of the story how does these NFT's bring value to the user.
The locked steem is nothing but steem power used for curation.

A part of the curation income is used to pay out dividends to the NFT holder.
This generates a passive income of for the holder.
In addition there would be a lottery system.

Can we add more things to make it lucrative for the NFT holders ?

Sure we can device games which can add to the revenue of the system as well as rewards for the NFT holders.

A simple solution to keep the NFT holders excited

Each NFT holder gets a weekly lottery ticket that goes into the draw and the winning ticket gets the NFT holder a prize.

How to get additional lottery tickets ?

Buy it from the steem game market and in addition based on how rare the NFT is a ticked get sent to the NFT holder.

This idea can be built into a game as well. Much like how splinterlands was built on this very blockchain.

Though That part comes later however the basic functionality can be set up sooner and can bring in more revenue, visibility and use case for steem as well as steemit.

Plug this in to what Piotr suggests

Going with what @crypto.piot is saying use affiliate marketing being setup on steem and steemit.
The only tweak is that instead of binance we promote a product build on steem itself. This way we would have more revenue at our disposable to use to further

  • Support members
  • Promote Steem & Steemit
  • More steem tokens available to burn as needed

Do share your views as to what you think about this plan

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hmmm...

this idea is pretty cool... I hope you suggested this to @crypto.piotr...

Basically your saying...

NFTs for steem powered users...and that will give passive income + other lotteries ... seems good...

I am not for this standard rising price of token through burning...so artificial... the token should have utility as well, else burning is useless...

Affliciate marketing idea is good as well...

We need to identify good projects building on Steem and then make community to support it... I can't just promote projects that are not worthy and all right now... have to be responsible.

It's good for steem its in Tron, its saved from drowning for sure... I would love to explore tokenomics of Steem... hope someone can do it...

Yes I have shared it with @crypto.piotr
I believe steem is a big blockchain in multiple stakeholders and we would need to try out different things to see what works for the blockchain.

 2 years ago 

Hi @mintymile

He actually did suggest his idea to me and I've replied. Perhaps you can check out my comment. I definetly would like to hear your opinion: https://steemit.com/hive-175254/@crypto.piotr/rkt22n

We need to identify good projects building on Steem and then make community to support it... I can't just promote projects that are not worthy and all right now... have to be responsible.

I fully agree with you. But ... I think that's a topic for another discussion :) Plus, Im not sure if there are currently any projects on STEEM worth promoting ....

Yours, Piotr

nice idea of ​​the NFT, I had not really thought about it. I'm not sure what could revive STEEM, the only thing that comes to mind is an even stronger integration with TRON

Ya you can never be too sure what could act as a stimulus to revive steem so we could try a couple of things to find which one is the perfect remedy to cure and revitalize steem

Greeting @thetimetravelerz

I enjoyed reading your post but allow me to share my point...

The idea of promoting steem-based dapps is in itself GREAT and amazing, but correct me if I'm wrong, there is nothing built on steem right now that is worth promoting... I truly think your idea is more than fantastic, but the sad of the matter is that steem might not be mature enough for it.

I know "NFT" was a big buzzword in the crypto space, but I honestly doubt that we can use it to promote steem during a bear market like this. Perhaps, we need to start with something simpler and more straightforward and I believe that promoting a simple affiliate link to Binance and using the generated revenue to burn steem will have a more direct positive effect at the current time

That's my 2 cents...

Have a great day :)

Thanks for sharing your views buddy
Point taken.
stay safe and happy blogging

 2 years ago 

Hi again Alok

I decided to post a separate comment since previous one was already very long.

The only tweak is that instead of binance we promote a product build on steem itself.

My question is: which product build on STEEM would you recommend? I don't see anything really worth our time; anything that could bring $$$ into STEEM.

Cheers, Piotr