The STEEM blockchain can handle CRAZY amounts of transactions - I've heard something link 'in 7 minutes what Ethereum can handle in 24 hours' - so that's pretty damn amazing. So YES I believe they can handle the transactions at least.
Check out info on transactions and how 'full' the blockchains are here: https://www.blocktivity.info/ (right now Ethereum blockchain is FULL, Steemit does WAY more transactions and is only .15% 'full' - WHOAAA, right?!)
I came here to share this link: https://steemit.com/steem-help/@sykochica/answering-common-questions-what-are-steemit-s-smart-media-tokens-smt-how-could-they-be-used It also explains a LOT and is very well-written :-)
Cheers!