NEM has been active in a multitude of markets, such as enterprise blockchain solutions, the ICO/STO market, and distributed applications.
NEM entered the enterprise blockchain market through its private blockchain solution Mijin, which is already working with Hitachi and several other companies. Enterprise blockchains should help businesses save on operational costs and make the operations more efficient. In fact, the market is already realizing these benefits. According to the report from Tractica, increasing adoption of enterprise blockchains will drive the global market size from $4.6 billion in 2018 to $20.3 billion in 2025.
As a smart assets system, NEM enables users to quickly and easily create custom assets (tokens), which can serve different purposes, depending on business needs. Users can run an ICO/STO on NEM, or build a loyalty points program. Although the ICO market is in a downturn, the STO market is expected to grow to $2-$3 billion in value in 2019. These numbers could be even higher, if we were to witness a change in market sentiments and subsequent bullish reversal.
NEM has also been active in the dApp space. Its applications serve different business purposes: voting, asset transferring, land registry, KYC, etc. In fact, the enterprise application market size is expected to grow to $259.51 billion by 2022.
As a developer of public and private blockchain solutions, NEM is facing stiff competition from both crypto and traditional companies.
In the dApp space, NEM’s main competitors are Ethereum and EOS, large and established public networks. Both of these companies control significant market shares in the dApp market. NEM has also been trying to promote its platform amongst outside dApp developers. However, while both Ethereum and EOS experience growth of their dApp ecosystems, NEM lags behind.
There are a few reasons for that. Unlike Ethereum, wh...