If Steemit succeeds (and it might fail entirely instead) it has the potential to exceed Facebook's $348 billion market capitalization. Please see my other comment posts for my detailed reasoning.

I don't see a $46 token valuation. By the time that there will be that many tokens, the inflation would be crazy.

The net worth of the world is > $400 trillion. The global GDP > $75 trillion. If the transaction “fees” (the relative dilution of STEEM distributed to STEEM POWER) work out to be 3%, then we’d need $11 trillion of GDP coming through Steem at a $348 billion market cap. That does seem to be far-fetched although not impossible. But that does not include incoming investment flows if it is still growing, coming from that $400 trillion.

But there is another wrinkle to consider. That is the Steem blockchain is DPoS (proof-of-stake), so it means the stake holders could vote to change the protocol and decrease the inflation rate later thus paying less for blogging content; such as charging a flat percentage transaction fees instead of inflation and using that to pay for blogging rewards. Once the system has great adoption, it may no longer be necessary to pay (so much) for blogging as it may pay in other ways such as the derivative commerce.