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NEM Attempts to Revive Project with New Social Media Platform

Key Takeaways

  • NEM has launched a cryptocurrency-powered social media platform that pays out cryptocurrency as a reward
  • The platform is meant as a manner to earn rewards for NEM advertising content material, not as a web site for normal content material
  • XEM costs are on a slight upward development because the platform positive aspects customers

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NEM is taking a brand new strategy to advertising with NEM Hub, a social media platform that can pay customers to generate content material. NEM Hub went live on July 15, following an early launch on June 12.

Rewards For Creators

NEM Hub customers can earn crypto by finishing requested duties, or by producing their very own content material, reminiscent of movies and articles, distributing rewards in accordance to every consumer’s fame and factors—related to Steemit. There is at the moment a marginal consumer base of 800 individuals 400 lively customers on the social media platform, lots of whom have linked their accounts to Twitter and Telegram to cross-post content material. Those customers obtain about $10,000 price of XEM monthly altogether. Or, about $25 per lively consumer monthly.

NEM Hub’s group weblog on Medium moreover produced 31 articles that acquired greater than 1,800 readers this month. The group additionally ran a contest to design the group’s brand for Japan, one of many nations that has traditionally been extra bullish on XEM.

Community-Based Marketing

NEM Hub is comparable to websites that pay content material creators in cryptocurrencies, reminiscent of Steemit, Publish0x, Peepeth, and Read.money. But the XEM-powered platform is exclusive in that it’s solely meant to be used for the promotion of the NEM undertaking itself. It is geared toward customers who’ve a stake within the token’s success; NEM Hub has a barrier to entry: customers should personal 4,000 XEM ($15) to be eligible for rewards.

Because NEM Hub content material will be cross-posted to different platforms like Telegram and Twitter, the undertaking has straight benefited NEM’s social media standing. Though this does elevate questions as to why customers would use NEM Hub as an middleman social media platform in any respect—and the numbers mirror this reality.

NEM Group says that NEM’s social media impression depend has elevated tenfold due to the discharge. The social platform can also be concerned in selling Symbol, NEM’s “next-gen, rebranded blockchain aimed at enterprises.” Every submit on the platform “will benefit the transition to Symbol planned for the end of the year,” DanJonBob of NEM Group writes.

NEM’s Market Value?

The market has largely ignored NEM as a result of it shares lots of its objectives with Ethereum, a much more in style blockchain. The incontrovertible fact that each blockchains launched in 2015 signifies that NEM didn’t have the possibility to place itself as “the next Ethereum.” Regardless, XEM has lately been on a slight upward development, and the token’s worth has risen from $0.03 to $0.05 since March. The coin at the moment ranks at #30 when measured by market capitalization, down from the highest 20 in 2017.

XEM/USD and XEM/BTC prices on CoinGecko
XEM vs. BTC costs. Source: CoinGecko

Growth is partly due to normal stability within the crypto market moderately than XEM’s personal benefit. Nevertheless, XEM has outperformed Bitcoin within the short-term, up 30% over the previous 30 days, whereas Bitcoin misplaced -0.5% of its worth throughout the identical interval.

It’s not but clear whether or not NEM Hub will increase the worth of the XEM token considerably. The social media platform is extra unique than different crypto-powered social media by design, nevertheless it’s not clear whether or not that’s sufficient to save the dying NEM undertaking.

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