From my understanding of the published paper, SMTs will all be linked to Steem via an internal automated exchange. Think of the currency market we have now to change Steem/SBD and extrapolate that to deal with SMT tokens. In order to ensure a minimum value & liquidity that will allow token holders to sell, the issuers will lock up Steem in their token exchange as a perpetual automated “market maker.” So SMTs should drive Steem demand for this, but also, with Steem as an intermediary before cashing out to fiat or other cryptos - all the transaction volume in the system each day should be reflected in Steems price.
SMT sites then have all the operation capabilities of Steem, but the site can customize variables like rate of inflation, how the tokens are distributed, how they impact voting, etc.
Hope I’m not inaccurate, and of course things could change. But SMTs really are parts of the same whole. One way I conceptualize it is imagine we all had our own tokens. The tokens in my account are BRY, yours are DHS. Of course mine have no value to you... cause they’re mine! But by sending them to you they become DHS. We’ll be moving between SMTs but there will be an overall value of the Steem ecosystem as a whole. You’ll have to put your tokens into the communities you care about most.