Welcome to this week’s market report. Although NXT experienced a rather unspectacular week, it nevertheless ended happily: We are back to #5
on coinmarketcap.com! To be honest it didn’t happen because of NXT’s strength but because our competitors have decreased more in price, especially Dogecoin which has been undergoing a small sell off . NXT’s market capitalization is down but even more disappointing is the low trading volume. The daily average was about USD 40’000 with a peak of USD 90’000 (14 October). Despite this, Bter’s order book (scroll down) leaves a positive impression: There is a buy support of about 900’000 NXT down to 5200 satoshis whereas the selling pressure is comparatively low: 200’000 NXT up to 6400 satoshis.
Project NXT Storm – what is it?
At the beginning of October a member of the nxtforum.org had the glorious idea of stress testing the NXT network. The idea quickly captivated many
people and, as a result, gave rise to Project NXT Storm . The plan is to test the robustness of the NXT network by using all available features, especially the NXT Asset Exchange. That’s the reason why Project NXT Storm is being mentioned in this market report – it’s an outstanding opportunity to discover the limits of the NXT Asset Exchange – if there are any! A successful outcome will prove that the AE is ready for its next step – the first ever use of the NXT Asset Exchange by a large corporation. The plan is to repeat such a stress test after every major NXT release.
What’s going on in the NXT Asset Exchange?
MMNXT (ID: 979292558519844732): MMNXT is a market making and arbitrage fund for the NXT Asset Exchange issued by coinomat (who are also responsible for coinomat.com).
To quote from coinomat’s own description of the asset :
This is an automated trading fund for NXT asset exchange. Its goal is to provide market making for most liquid AE assets. Also we strive to move most of NXT trading to NXT AE Multigateway assets, thus providing additional liquidity for NXT which should assist in keeping its price more stable. Trading will be carried out at NXT Asset Exchange and other exchanges supporting NXT.
Trading is both long and short, that is you buy lower to sell higher and you sell higher to buy back lower. The profit is converted to NXT, also when trading MGW assets profit can also be realized in corresponding crypto, and converted to NXT afterwards.
The fund will pay out 60% of its profit to the holders of the token every Friday
. Initially, the bot will only be operating as a market maker for the most liquid assets on the NXT Asset Exchange. In November MMNXT plans to carry out arbitrage trading on Bter, Poloniex and Cryptsy. The first dividend pay out will take place on Friday (24 October).
Loosely based on real life events, the NXT Film Project is an edgy cyber thriller that narrates subversive and often vicious attacks that are conducted using technology. The plot showcases cryptoplatforms and communities, how they are disruptive to established institutions, and how technology can be used with either good or evil intent.
It further aims to educate the lay person about cryptotechnologies, while also shedding light on the criminals who seek to take advantage of them. At the same time, it contextually demonstrates the technology’s efficacy and utility via the power of narrative storytelling.
A nice idea in its own right but the project is also pretty interesting to investors purely from the point of view of its ROI. NXTmovie has issued 1’000’000 NXTmovie assets – 30% were sold in an ICO with an early bird price of 1 NXT, 33% were allocated
to the three core members and the remaining 37% will be sold later on the NXT Asset Exchange at a higher price (small batch quantities of 25k NXTmovie assets with a continuously increasing price). Currently, early bird assets are already trading at 1.5 NXT, an increase in price of 50%! To guarantee an early source of revenue the team behind NXTmovie is focusing on driving as much traffic as possible to generate profit through advertising. The earnings will be distributed evenly across all asset holders.
Furthermore NXTmovie offers blockchain-based businesses the opportunity to be featured directly in the film script, for a fee. These earnings will be distributed among all assets holders as well. Last but not least we shouldn’t underrate the promotional effect
for NXT which such a movie could have (assuming of course that the film script gets made into one), especially since it’s one of the main goals of this project.
I hope you enjoyed the market report as much as I did writing it. Please leave your feedback at nxtforum.org.
This market report is for general information and news purposes only. It does not take into account the reader’s personal circumstances, objectives or attitude towards risk. It is not (and is not intended to be) any form of advice, recommendation, representation, or endorsement by the author or the web site owner and should not be relied upon when making (or refraining from making) any investment decision.