Once one of the top five cryptocurrencies, NEM has launched its new Symbol blockchain.
- NEM is preparing to launch its Symbol blockchain.
- The new platform is targeted at enterprise applications and will include various new features.
- It remains to be seen if the launch of Symbol will help it become a NEM flagship project again.
NEM, one of the earliest and most visible crypto projects, has reinvented itself with the launch of the new Symbol blockchain.
The Symbol public network launched on March 15th. The new platform is primarily targeted at enterprise users with a focus on blockchain use in financial technology and supply chain management.
However, Symbol can also be used for a variety of other purposes: it can serve as the basis for DeFi applications, tokenized stocks, non-fungible tokens (NFTs), atomic swaps, and more.
In preparation for launch, NEM has formed an extensive list of partnerships… It has received support from leading cryptocurrency companies including CoinGecko, Travala, Fireblocks, and GurdaWallet.
Symbol will not replace NEM: instead, it will run in parallel with NIS1, the original NEM blockchain. The original NEM token (XEM) NIS1 will continue to operate alongside the new Symbol (XYM) token.
To prepare for the launch of XYM, Symbol and NEM are working with dozens of exchanges. Some exchanges, such as Binance, have already taken snapshots of user balances in preparation for the XYM airdrop. Various exchanges are also preparing to list the new token and are holding trading competitions.
Despite these preparations, XYM has not yet been released to the public and is not listed on market aggregators. As such, it is difficult to say how the token will perform in terms of value.
Will NEM take back its popularity?
NEM was once one of the most promising blockchains. By May 2017, just two years after launch, NEM XEM was the fifth largest cryptocurrency by market capitalization. XEM is the 31st largest cryptocurrency today.
In May 2017, XEM’s $ 893 million market cap was roughly 3.4% of Bitcoin’s $ 26 billion market cap. Now, its $ 3.4 billion market cap is roughly 0.3% of Bitcoin’s $ 1 trillion market cap. This change suggests that NEMs have been supplanted by new competitors and have suffered an absolute loss in value.
It remains to be seen if Symbol will be able to oppose Ethereum, Cardano and other platforms with similar directions.