Tencent Eyes $15 Billion Nexon Acquisition for Gaming Expansion

TLDR

Tencent is exploring a potential acquisition of South Korean game developer Nexon, valued at approximately $15 billion The Chinese tech giant has contacted the family of Nexon’s late founder Kim Jung-ju to discuss a possible deal Nexon is known for popular games like MapleStory, which recently integrated blockchain technology and NFTs This marks Tencent’s second attempt to acquire Nexon, following a failed bid in 2019 Web3 gaming activity surged 368% year-over-year in January 2025, though it later declined by 10%

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Tencent Holdings is studying a potential deal to acquire Nexon Co., the South Korean game developer behind popular titles like MapleStory. The Chinese internet giant has reached out to the family of Nexon’s late founder Kim Jung-ju to discuss the possibility of an acquisition.

Representatives from Tencent contacted Kim’s family to explore a potential deal, though no concrete terms have been reached. A deal is not guaranteed at this stage.

The Kim family holds their stake through family investment firm NXC Corp., which owned 44.4% of Nexon as of June 30. Kim’s wife and daughters own about 67.6% of NXC.

Nexon shares have climbed more than 10% in Tokyo trading this year. The company currently has a market value of about $15 billion.

This marks Tencent’s second attempt to acquire Nexon. The company previously pursued an acquisition in 2019 but the sale process was eventually shelved due to disagreements over price.

Nexon’s Gaming Portfolio and Web3 Integration

Nexon is the South Korean video game developer behind the MapleStory series. MapleStory is a massively multiplayer online role-playing game that first gained popularity in the early 2000s as a traditional PC game.

Source: MapleStory

The company integrated blockchain technology in two different installments of the series in May 2025. MapleStory N and MapleStory Universe now allow users to collect in-game items and rewards as non-fungible tokens.

Nexon was founded in South Korea in 1994 and listed in Japan in 2011. The initial public offering was one of the biggest tech-related IPOs at the time.

The company’s first-quarter net sales totaled about ¥114 billion. Net income was ¥26 billion for the same period.

Web3 Gaming Market Trends

Blockchain gaming activity surged by roughly 368% year-over-year in January 2025. This growth was driven by games like Off The Grid and MapleStory N.

Off The Grid is a AAA shooter published by Gunzilla Games. It features console-level graphics and gameplay similar to traditional video game blockbusters.

This represented a departure from traditional Web3 games that typically feature simple gameplay mechanics. Many previous blockchain games focused on player rewards rather than robust gameplay.

Despite the initial spike in player interest that started in late 2024, Web3 gaming activity declined by 10%. This decline was reflected by a drop in daily unique active wallets.

Web3 gaming still faces several barriers to widespread adoption. The technical barrier of setting up a blockchain wallet remains a challenge for many users.

The traditional gaming community shows aversion to play-to-earn games. Many gamers resist tactics designed to fuse gaming and money.

Changes in Nexon’s shareholding structure after Kim’s death in 2022 could complicate any potential deal. Family members handed the Korean government a stake in the NXC holding company in 2023 to settle an inheritance tax bill.

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