Maybe it is not a scam, that might be true. But it's definitely a bullshit coin.

Cryptocurrencies have always tried to solve the initial-distribution-problem in different ways, mining being a rather elegant one - it goes over a long period of time and in an as-fair-as-possible way, so everybody has a chance to participate. NXT and its "we'll just toss out the whole money supply that will ever exist for 21 btc" is the most laughable attempt at this I've ever seen. And they even try to sell it as a feature: "100% Proof of Stake(TM) - now with extra sauce!" - as if that was a good thing. There's a reason coins like Peercoin didn't go for 100% initial distribution: because it's completely retarded.