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Depends a bit on how micro the microniche is.
For example, I shot a lot of corset fetish stuff for a while. This was a subset of the gothic girls I always shoot.
I did get a fair amount of corset traffic for a while, but it never seemed like there were enough interested eyeballs to do a site just about corsets or just about gothic girls in corsets.
Basically, try to balance lack of competition with existence of market.
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