I totally agree that this idea as a method of fundraising is really smart and could be more beneficial for both parties than a traditional Ethereum ICO. They have already received a good amount of delegation. My question is how are they going to use the delegation? Will they be upvoting themselves to get rewards to sell for fiat? If so that is going to put some downward pressure on the STEEM price, although if the project is successful we may see it have an overall positive impact on the price.

Either way I hope that the SMTs are available sooner rather than later so we can see how this will all pan out!