August 22, 2018 — The NEM Community Fund (NCF) serves as a pool of reserved tokens in order to fund proposals that will bring positive impact, growth, and sustainability to the NEM ecosystem. It serves as a pool of reserved tokens in order to fund proposals that will bring positive impact, growth, and sustainability to the NEM ecosystem. It has a limited resource which is being managed by volunteers coming from the NEM community. Due to that very reason, there was a shortfall in system processes which it now aims to improve and develop, building a solid foundation so it can continue well, today and ahead.
There is a current challenge on managing fund proposals, given that there is an increase in funding requests, draining resources rapidly with no plan for fund replenishment.
Given this situation, it has been decided to form NEM Ventures, a legal entity that will aim to formalise all projects and also to create a vehicle for investing in projects that will ensure funds are replenished and managed well for the NEM community and its projects. Indeed, it is an essential addition to the NEM Ecosystem, so that it remains competitive with all other platforms — having a clear, transparent and secure governance to enable expansion of its scope of initiatives.
Currently, there is a proposal pending for a success vote in order to officially transition to a more traditional style VC fund. As soon as it passes, initial implementation will be the processing of all pending applications. However, this transition may, in short term, cause a little delay for those early in the queue but will overall improve the process, providing a more expedient and efficient experience for the proposals.
At this given time, it is highly advisable for all to review the NEM Ventures proposal in full so that everyone understands how the new system will work. Should there be a possible amendment that is requested, the NEM Ventures team will closely communicate with the involved team, to ensure an efficient and effective changeover.
Also, we will not be accepting applications in the meantime, as we are currently going through said review and reorganisation.
We are hoping for the whole community’s support and cooperation in moving forward and reaching greater success for the NEM platform and NEM Community Fund (NCF).
For more details, kindly visit NEM Forum.