I’m wondering what NEM hopes to gain from this ?
This kind of strikes me as something like DOGE sponsoring a Nascar team. Neat but is it anything beyond that ? I’d be interested to hear how much money was spent on this but I’ll understand if that can’t be made public.
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Well one reason is the huge amount of publicity nem gets from it.
It’s far bigger than sponsoring the team - seems the plan is to promote widespread adoption of NEM across the city - I think it’s a great idea:
In return for its financial support of Rytas, NEM will secure valuable distribution rights for its native digital currency, XEM, throughout the City of Vilnius. The sponsorship is to be paid entirely in XEM, and will be supported by an extensive city-wide public education campaign on the usage and benefits of the XEM cryptocurrency.
As a result of the deal, Lithuanian basketball fans will be able to use XEM to purchase game tickets, season passes, and team merchandise. Both partners plan to extend usage of XEM across other areas of daily life including public transport, logistics, supply chains, medical administration, and banking.
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I did see that but I just don’t see it being a huge deal. Maybe I’m missing something but they can hardly force people to use XEM whether it’s for baskteball tickets or public transport. The simeple fact is that it’s difficult to get XEM and even if it was easier there is 0 incentive for people to do so in daily life.
This seems like a move a project would make if it wanted to be used as a currency but that’s not what nem want’s right ?
I don’t mean to put this down, it is good publicity I’m just wondering if there’s anything I’m missing that makes this such a great thing.
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Yes you’re right, they won’t force people to use XEM and it is still a barrier buying them at the moment. I am guessing that if the city does promote the use of XEM as a mechanism for payment then they would have to make it easier for people to purchase them, maybe they can even incentivise the use of XEM with a small discount on goods bought using them.
I think just spreading awareness is a great thing, yes it may come to nothing but equally we could see mass uptake of NEM in a European capital city which would be amazing. We will have to wait and see what happens.
Perhaps Lithuania is looking to attract more tech investment, just as Estonia is with their E-residency proposals. Publicly supporting blockchain+ tech could give them an advantage over more complacent financial centres, showing that they’re more supportive of emerging tech.
And having NEM at the forefront of that would be very exciting.
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I think they spent 500k Euro on this. It’s not a lot of money so while you are right, it isn’t a breakthrough marketing campaign, it’s still worth the money. Looking at the node interactive map, Europe has the highest concentration nodes. It’s a good idea to start there.
You can feel Nem team is finally starting to do marketing and interviews as well as revealing projects that support the Nem ecosystem. This campaign is just a small piece of a much bigger puzzle.
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Interesting, where is that number from ?
thx. Doesn’t seem worth the money at all but we’ll se what will come of it 
Hello.
Is impossible to force anyone to use XEM but I think is possible to give incentive
to use XEM.
For example let suppose if ticket in this case for the basketball match costs 20 euro
there could be an incentive discount from 5% to 15% on ticket purchased in XEM
so i think that will motivate some people to try to use XEM even if is not that much for one person but if for example there is a group of friends or a family of 4 or 5 people they could spare
about 15 euros by buying tickets in XEM.
This is just an example how it could work not only with thickets but other products and services.
I think if people can get products and services cheaper by using paying in XEM that his will motivate them to try it out.
As fair as you said @memario, it’s seems a big amount of money. But I think we should let them see the impact of NEM’s sponsoring in Lithuania. As a country they are trying to be the second Estonia of Europe, so being in the front of the most popular sport of the country, in my opinion it’s a good idea. And furthermore it will be better in spite of “force” somebody to buy XEM we show them how NEM rocks. But in fact, if this sponsorship plan don’t come together with some kind of NEM and Blockchain teaching strategy, it won’t work.
In my opinion this can be a great idea, a good tool to impact all the people. And if it works, it can be a good mkt strategy to implement in other countries.
Sorry for my awful english!
It’s not about people seeing NEM and adopting it. It’s about making the presence felt and raise curiosity. Out of curiosity, X percentage of people who search NEM will actually adopt it. It’s a genius approach.