Hi @kromm, the SMTs are essentially like any other ICO, but rather than using Ethereum as the base currency, they'll be based on STEEM.
If you're interested in reading more, here's the white paper that talks about the SMTs:
https://smt.steem.io/smt-whitepaper.pdf
All in all it should be great for Steem as a currency and it's value on the market!
P.S. Welcome to Steemit.