I think NMC came very early before it has to and wasted so many years without proving its usefulness. First, are people seriously thinking of decentralized DNS now? I may be wrong but "not really". The most attractive projects right now are Infrastructure projects and solving the pain point of it and where the large sum of money is going too. We will see battle between big infrastructure project for quite sometime. After successful establishment of infrastructure project, people will then turn to building dApps. Just like after road system was built, people will then invest in vehicles, then only we need automated traffic lights instead of human traffic officers, just like, when people experience security problems regarding DNS hacking, etc, and there is a need for better security layer, then there will be the demand for it, but unfortunately, until that time, there will be other better alternatives or at least serious competitors to NMC. Right now, the most sought-after security projects are projects related with security of crypto-assets.
The reason behind it being undervalued are:
1. Project came very early and spent many years without being highlighted in mainstream.
2. Low marketing.
3. Not quite attractive website.
4. Small and quite inactive community.
5. There are many other mouthwatering lucrative projects to invest.
6. Except Poloniex, no other big exchanges (but still volume of NMC on poloniex is quite low).
7. Quite an old coin and many have long forgotten its existence.
So, my final verdict is NMC may do well and pumped hard with bull run, but in the long term, I am "not attractive" on this. I may consider this when there will be much demand and how it will do against its competitors which I think is long ahead.
Others may have better opinions than me and may have better reasons that it is better to invest, I will appreciate those. This is just my personal opinion and I appreciate different peoples have different opinions.