Tencent Wants Nexon—But Will MapleStory’s Web3 Vision Survive the $15 Billion Acquisition?

Tencent Explores $15 Billion Bid for Nexon as Web3 Gaming Grows

Tencent Holdings Ltd. has opened talks with the family of Nexon’s late founder Kim Jung-ju about a possible acquisition of NXC Corp, the holding company controlling 44.4% of the South Korean game developer.

Sources close to the discussions reveal the deal could be worth around $15 billion, although no final agreement has been made and the terms remain uncertain.

The family, led by Kim’s wife and daughters, is reviewing its options with advisers.

Shares in Nexon surged as much as 10% in Tokyo trading following news of Tencent’s renewed interest.

Why Tencent Is Returning to Nexon Now

This isn’t Tencent’s first attempt to acquire Nexon.

In 2019, talks fell through due to disagreements over price.

Now, as Tencent seeks to strengthen its position in global gaming, Nexon is again a prime target.

Tencent’s growing ambitions in South Korea extend beyond gaming; its subsidiary recently acquired nearly a 10% stake in SM Entertainment, signalling broader investments in the region.

Nexon, founded in 1994 and known for popular titles like MapleStory, has a market value around $15 billion and remains a key player in online role-playing games.

The company went public in Japan in 2011 with one of the largest tech IPOs of that period.

Yet, its shares are still about 30% below their 2021 peak, despite gains this year.

What Does Tencent Want with Nexon’s Web3 Projects

Nexon has pushed into blockchain gaming with titles like MapleStory N and MapleStory Universe, both launched in May 2025.

These games integrate NFTs, giving players true ownership over in-game items—a model gaining traction in the evolving Web3 gaming space.

According to DappRadar’s February report, blockchain gaming activity surged 386% year-over-year in early 2025, driven by games like MapleStory N and Off The Grid, the latter a high-profile AAA shooter embracing Web3 elements.

Tencent’s interest comes amid growing debate about the viability of blockchain gaming, which still faces hurdles like complex wallet setups and scepticism from traditional gamers wary of “play-to-earn” models.

Tencent itself operates under strict Chinese regulations that restrict crypto and NFTs, having shut its own digital collectible platform in 2022.

Despite this, Tencent has sought opportunities overseas, investing in blockchain firms like Immutable and pursuing deals that could expand its presence beyond China’s borders.

Will Tencent Allow Nexon’s Blockchain Freedom

Tencent’s track record with its overseas investments is mixed.

While Riot Games retains considerable creative independence despite Tencent’s majority stake, tensions have surfaced over strategic directions, such as the creation of a mobile League of Legends game against Riot’s preferences.

Whether Nexon would be able to continue its Web3 initiatives without interference under Tencent’s ownership remains an open question.

Nexon is a publicly listed company in Japan with a strong South Korean identity, which may complicate how much control Tencent exercises.

Challenges Loom as Family and Government Stakeholders Weigh In

The death of Kim Jung-ju in 2022 introduced uncertainty to Nexon’s ownership.

His family inherited his shares, but also handed a portion to the Korean government in 2023 to settle inheritance taxes.

The government’s attempt to sell its stake has so far failed to find a buyer, adding another layer to any potential acquisition talks.

Could Tencent’s Move Redefine Blockchain Gaming Ownership

Tencent’s pursuit of Nexon places the spotlight on the future of blockchain gaming as a mainstream business.

If Tencent, a giant operating under one of the world’s strictest crypto regimes, backs Nexon’s Web3 efforts, it could signal growing confidence in the technology’s potential despite regulatory and market challenges.

Yet the outcome depends on whether Tencent fosters innovation or opts for tighter control—choices that could shape the shape of digital asset ownership and player experiences in games worldwide.

Could this deal be a turning point for blockchain gaming’s credibility and growth?