NEM (XEM) Raises Hopes for 2018 with Presentations, App Building Invitations
The Japanese platform enters the stage of inviting distributed apps and ICOs.
NEM (XEM), currently with a price of $0.44, seems like an underpriced asset if seen with a longer-term perspective. But in the next few days, NEM may see more action, as the organization is making the rounds with live presentations worldwide.
One additional factor for the pickup would be the opening up of Binance for new accounts, after having restrictions and limits in the past few weeks. This factor may boost interest for NEM, which is hoping to be added to the exchange.
In the coming weeks, the biggest pressure against XEM would be the rising Bitcoin dominance, which is headed toward 40% after sinking to lows of 32%.
In 2018, the XEM market price is among the lowest among platforms that allow the building of apps and smart contracts. XEM lines up in the same category as Stellar (XLM) and possibly Cardano (ADA). However, the platform is still in its early years, and it remains to be seen if any other project repeats the success of Ethereum. But the presence of alternative platforms may boos the ICO offers by offering a wider variety of assets.
Recently, the NEM team released the guidelines for app creation.
Almost all other projects have been striving to attract developers. NEO gathered up IT talent in its Devcon event. Lisk (LSK) also released resources for side chains and app creation, and reached out to developers with a renewed website.
In the case of NEM, however, there has been talk of a drive to appeal more to the business and governments, while other projects make their bets on consumer apps with an added blockchain dimension.
Involvement with the Petro
The talk of having NEM involved with the Petro, the up and coming cryptocurrency of Venezuela, may have an unpredictable effect.
#ANUNCIO “Hemos firmado dos convenios fundamentales para que circule El Petro en las plataformas más avanzadas del mundo, gracias a la confianza de las empresas Zeus y NEM” declaró @NicolasMaduro #AlFuturoConElPetro pic.twitter.com/k0shQlKl4w— Prensa Presidencial (@PresidencialVen) February 21, 2018
On the one hand, this is exposure for NEM - but as the Petro has to gain credibility, the Venezuelan project may hurt the network's reputation. The NEM Foundation has not had an active involvement in pushing the platform to the government, but the asset was chosen one-sidedly for the upcoming Petro ICO.
"It does not take much to learn how to use the NEM tech. By its extension, it is therefore easy for the Venezuelan government to implement using NEM technology, without any help from the NEM foundation," said NEM President Lon Wong.
The Petro ICO has received too many red flags on the CQ platform where users verify the claims of token sales.