Why Steem Monsters is Setting The Gold Standard for Future dApps

Hi Friends,

I had a really insightful conversation with Steemit Contect Director Hive account@andrarchy at Steemfest. As someone who started as a content creator and then moved to more of the development side by accepting a position with Steemit Inc – he has a really unique perspective on the development of the Steem Blockchain.

Self Sustaining dApps

One of the things we talked about was the economics of delegation and the future of dApp development. Most Steem based projects and dApps look for delegation as a way fund their project. The inherent flaw with a delegation – is that you have no control over when it is taken away, and so the funding for your project could suddenly dry up. What is so unique about Steem Monsters - is their business model. They have flipped the whole delegation mindset on it's head and have become a completely self sustaining dApp.

How did they do this? By selling something that people are actually excited to buy.

Providing Value

They created a product that not only brings it's users entertainment value - but economic value as well. By purchasing cards and booster packs, users are able to sell, trade, and use them to level up their decks and compete in tournaments. People are actually excited to spend money with Steem Monsters, because they see a valuable return on that purchase.

These sales are what is funding the development of the project. They aren't reliant on delegation from an outside source, they are creating their own revenue streams to support the team and fund development. They have even powered up over 300k Steem into that account to help support the community.

Building a Business on Steem - A Contest by Hive account@aggroed

In fact, Hive account@aggroed has a contest running right now to help expand this idea. He is challenging people to build a business on Steem and share their business plan for a chance to win 100 Steem. I am personally super excited to see what kinds of ideas people come up with. To check out the contest - click HERE.

Thoughts?

This conversation with Andrarchy was probably one of the most impactful ones I had during my time at Steemfest. It was definitely a big topic of discussion at the event and I know I've seen a few other users like Hive account@exyle talk about this in his vlog's as well. I would love to hear what you guys think about this and I hope more dApp's look to Steem Monsters for inspiration when building out their business model.