NEM evolved in March 2015 as a fork-out version of the NXT, another popular blockchain-based virtual currency, and payment network platform.

It is operated by a Singapore-based non-profit organization called the NEM Foundation. Following the fork, NEM.io decided to develop its own codebase for advancing NEM, to make it more scalable and faster. Thus emerged a new NEM cryptocurrency platform, which was completely different from the original NXT.

NEM has its own cryptocurrency, called XEM. Though XEM is not being used by merchants as a means of payments as bitcoins are, XEM has nonetheless grown significantly in value and, as of October 2021, had the 75th highest market cap among cryptocurrencies. (Source: https://www.investopedia.com/tech/meet-nem-xem-harvested-cryptocurrency/)