An SMT will be traded through STEEM, so we won't have a bunch of SMTs and STEEM just one of them. We will have STEEM, and then a bunch of SMTs on top of STEEM. Market-wise, this will most likely boost demand for STEEM, as a token.
Also, the SMT generation mechanism is way more complex than just a token issuance on the Ethereum platform. When you launch an SMT, you literally launch a thin layer of Steem-application-processes on top of your content, including your own rewards pool, your own inflation model, your own voting and curation algorithms and your own vesting mechanism.
Hope this helps.
Hey it certainly does and with this I guess Steem dollars will be discontinued!!! Own reward pool will have some meaning only when we have value propositions in place for the token I guess, having said that it is always a nice idea to tokenize projects and the only thing that matters is how well it is implemented :)