You maybe right; I like the logic: Squared De-Centralised. With SMT coming and the ability to kinda create what SMT will bring, right as we speak; We see many many tokens being born, but more importantly, many many (niche) communities. Playing around with them a bit lately, gives me the idea that the success of Steem, may indeed be the collective success of 100s maybe even 1000s (and more) communities having their own members, and token. Whether each individual token will have some value, that depends on that particular service; Steem certainly has the ability to get value because of all these services.