Tencent’s $15B Nexon Deal: Here’s What It Means For MapleStory’s Web3 Push

• Tencent is actively exploring a $15 billion acquisition of NXC Corp., which controls 44.4% of Nexon.
• Nexon has invested heavily in blockchain gaming through its MapleStory Universe initiative.
• While Tencent has shown a willingness to invest in Web3 projects abroad, Chinese regulations on crypto and NFTs remain stringent.

Tencent Holdings Ltd. is exploring a potential $15 billion acquisition of South Korean game publisher Nexon.

While such a deal would further cement Tencent’s dominance in the global gaming industry, it also raises important questions about the future of Nexon’s blockchain initiatives, particularly its ambitious Web3 expansion of the MapleStory franchise.

Tencent Eyes Nexon

Tencent has approached the family of Nexon’s late founder, Kim Jung-ju, to discuss a possible acquisition of NXC Corp, the holding company that controls 44.4% of Nexon, Bloomberg reported , citing sources.

After Kim’s passing in 2022, his wife and daughters inherited his stake and have been weighing strategic options.

While no formal deal has been finalized and the structure of a potential transaction remains uncertain, sources familiar with the matter say Tencent is actively evaluating a deal valued at around $15 billion.

This is not the first time Tencent has shown interest in Nexon—it previously explored a deal in 2019 but failed to reach an agreement.

Nexon’s Web3 Gaming Strategy

Nexon has emerged as one of the more prominent traditional game developers embracing blockchain technology.

In 2023, the company announced the “MapleStory Universe,” a Web3 spin-off of its flagship MMORPG that features player-owned assets, NFTs, and a native token economy.

Its first Web3 title, MapleStory N, launched in May.

Nexon Chief Business Officer Dominic Jang previously told CCN that if the initiative proves successful, the company would consider expanding its other titles into the Web3 space.

China’s Regulatory Constraints

Tencent operates under Chinese regulatory oversight, which has imposed strict restrictions on cryptocurrency and NFTs.

In 2022, Tencent shut down its digital collectible platform, Huanhe, in response to increased scrutiny.

The Chinese government has promoted a state-controlled blockchain infrastructure in China to regulate digital assets and intellectual property.

In April, it was announced that the upcoming Web3 game Shrapnel would launch on China’s RWA Copyright Chain.

Despite this complicated regulatory outlook, Tencent has actively sought entry points into the global Web3 market outside China to avoid domestic barriers.

In 2022, the company co-led a $200 million Series C investment in the Australian-based crypto firm Immutable, which contributed to its $2.5 billion valuation.

What Does It Mean For Nexon’s Web3 Ambitions?

Tencent has a mixed track record of granting operational independence to its overseas subsidiaries.

For example, its investment in Riot Games has led to some creative differences.

At one point, Tencent asked Riot to make a mobile version of their hugely successful League of Legends game. When the developer refused, Tencent made it on its own.

However, despite this, PC Gamer notes that Riot “remains largely free to steer the game how it pleases.”

Whether Nexon, a company listed in Japan and headquartered in South Korea, would be given similar freedom under Tencent’s ownership remains uncertain.