NEM, short for the New Economy Movement, is an open-source, public, enterprise-grade blockchain with smart contract functionality to power the fintech revolution powered by digital currencies. To become the NASDAQ of the new economy, the NEM Foundation - the organization responsible for developing and maintaining the project, provides its technology to businesses looking to adopt decentralized applications (dApps) on its infrastructure.

The blockchain allows users to create their own tokens on its platform, called mosaics. These mosaics can be given any utility their creators wish - from being a store of value, medium of transfer, governance tokens, and more.

NEM originated due to a hard fork from the NXT blockchain in March 2015. While NXT was focused on providing an open-source cryptocurrency and decentralized payment network, NEM has more versatility as it supports smart contracts and can host dApps.

The NEM Foundation later created another blockchain called Symbol (XYM), which focused on enterprise-level distributed ledger technology applications. After launching Symbol, the NEM Foundation set up The NEM Group Trust with NEMs NIS1 funds.

XEM is the native cryptocurrency of the NEM ecosystem. The proprietary token is used to pay transaction fees when using the network and doubles up as a governance token for the platform.

NEMs blockchain protocol is coded using JavaScript. Each block within the network is capable of processing up to 120 transactions. Developers can use APIs to create dApps using any programming language to run on the NEM network instead of learning a unique smart contract programming language.

The NEM blockchain utilizes a Proof of Importance consensus mechanism to secure and validate transactions on its decentralized ecosystem. The POI mechanism is an improvement over Proof of Work (PoW) and Proof of Stake (PoS) algorithms as it gives more weightage to users who vest more XEM tokens, allowing them to earn higher rewards.

Another unique feature of the NEM Network is its Delegated Harvesting mechanism. Delegated Harvesting makes it easier for network nodes to validate transactions and contribute to block production on the blockchain.

NEM is one of the earliest blockchains developed for mainstream use, letting enterprises use its infrastructure for managing and transferring data in a cryptographically secure yet decentralized manner. Another critical application area for NEMs technology is social services - its blockchain is used for decentralized record management, voting, and access control.

The NEM blockchain started as a hard fork from the NXT network in March 2015. Singapore-based non-profit organization NEM Foundation operates the blockchain.

The XEM coin remained an excellent performer in the crypto market in the early years until a hack on Japanese crypto exchange Coincheck caused the loss of $523 million worth of $XEM. This led to a downfall in investor confidence and weighed on NEMs performance as a crypto asset.

In the aftermath of the hack, the NEM team laid off more than 100 employees as part of budget cuts in 2019. This further hampered the outlook for the XEM coin during the period.

In March 2021, NEM launched a new blockchain called Symbol, which would be focused solely on catering to enterprises. The enterprise-focused blockchain platform hit the market with a native cryptocurrency called XYM.

NEM is a good investment if you wish to diversify your crypto portfolio by investing in projects with real-world use cases. The enterprise-grade blockchain could witness significant traction as Web3 adoption goes mainstream in the future.

As more organizations start looking to deploy decentralized applications, the NEM price and market capitalization could experience an uptrend. The XEM price statistics could also benefit from higher on-chain activity as developers create and deploy other projects on the NEM blockchain.

In addition, bullish market sentiment could increase investor confidence in cryptocurrencies and help the NEM price trend upwards. When the market mood is upbeat, buying activity across the market builds up, which could help the XEM to USD price gain.

Although it is impossible to make an accurate NEM price prediction over any duration, based on its past performance, the following factors could contribute to a price change in the XEM coin:

Level of Adoption of NEM Blockchain

The development of more dApps on the NEM ecosystem could contribute to higher on-chain activity on the network, leading to an increase in the price of XEM. On the other hand, if NEM faces stiff competition from newer blockchains offering higher efficiency, the price of NEM crypto could experience a decline.

Innovation in NEM Ecosystem

Any new developments rolled out by the team of developers could also make the NEM network more attractive for use and the XEM coin a more lucrative investment. Future upgrades that could make the blockchain faster, cheaper, and more capable could power gains in the value of NEM cryptocurrency.

Market Sentiment

When it comes to cryptocurrencies and their price action, one of the biggest drivers is market sentiment. When leading cryptos like Bitcoin and Ethereum head higher, a bullish sentiment encourages investors to buy other digital assets. This could help the price of XEM climb higher.

However, a bearish sentiment or a risk-off mood could drive sell-offs in crypto assets. In such times, there could be some weakness in the price of NEM.

XEM is the native cryptocurrency of the NEM blockchain. Heres a list of some of its apps:

Native Currency

$XEM is used to pay transaction fees when users or dApps use the blockchain. It is also used to pay for transactions when executing smart contracts on the platform.

Harvesting (Mining)

XEM can be harvested or mined when validating transactions and producing new blocks in the NEM Network. The process is called harvesting and offers an exciting way to earn XEM by contributing to the blockchains consensus mechanism.

Governance Token

XEM token holders enjoy voting rights and can have a say on any proposals regarding the future evolution of the NEM ecosystem. In this manner, $XEM powers decentralized governance within the network.

Crypto Asset to Invest in and HODL

You can trade NEM cryptocurrency against other digital assets in the market. Buy or sell XEM against other cryptocurrencies or hold it long-term if you believe in the future potential of NEM. Review the real-time NEM price, XEM market cap, circulating supply, 24-hour trading volume, and the latest crypto news before you trade XEM.

Harvesting is a process similar to mining and is a lucrative way to earn XEM by running a node and participating in the blockchains POI consensus mechanism. Heres how to harvest $XEM:

1. Set up a XEM account and download the NEM NanoWallet. Ensure that your wallet is funded with a minimum of 10,000 XEM coins in vested balance to start harvesting.

2. Activate delegated account to start the Delegated Harvesting feature on your account. You can do this by heading to Services and selecting the Manage delegated account feature. Click on Activate/Deactivate the delegated account, enter your password, and click on Send.

3. Once your Remote Status changes to Active, you can start the process of Delegated Harvesting.

4. Click on Start delegated harvesting, select a node you wish to delegate your XEM and enter your wallet password to process the transaction. If the selected node has available harvested slots, your transaction will go through successfully.

5. Please sit back and earn $XEM for harvesting and contributing to the blockchains consensus.

One of the easiest ways to exchange your Ethereum (ETH) for NEM (XEM) is via BYDFi. Heres how to do this:

1. Start a BYDFi account and fund it with adequate ETH by buying on our platform or transferring your existing crypto holdings into the BYDFi trading account.

2. Head to BYDFi Spot Trading to sell ETH/USDT and convert your Ethereum holdings into Tether.

3. Use the USDT you now have in your trading account to buy XEM on Spot Trading by placing a buy order on the XEM/USDT pair.

4. Once your trade order is processed successfully, your BYDFi account will be funded with the new XEM crypto you have exchanged your Ethereum for.