Tencent reopens talks to acquire South Korea’s Nexon, a game developer exploring blockchain

Chinese tech giant Tencent is reportedly considering an acquisition of South Korean game developer Nexon.

A Bloomberg report citing unnamed sources claimed that Tencent has approached the family of Nexon’s late founder, Kim Jung-ju, to explore a potential deal. While discussions have taken place, no final terms have been agreed upon, and it remains unclear whether the talks will result in a transaction.

Kim’s family, which owns a controlling stake in Nexon through investment firm NXC Corp and its affiliated unit NXMH BV, is reportedly evaluating its options. 

As of June 30, the entities collectively held 44.4% of Nexon, according to company filings. The founder’s wife and daughters reportedly control about 67.6% of NXC.

Nexon, founded in 1994 and now headquartered in Japan, is best known for the MapleStory franchise and other popular online games. 

The company went public in Tokyo in 2011 in one of the largest tech IPOs of that period. Its shares have gained more than 10% in 2025 but remain nearly 30% below their 2021 peak.

Nexon has also established a dedicated Web3 subsidiary, NEXPACE, to spearhead its blockchain ambitions. Launched in mid-2024 with a $100 million investment from Nexon, the unit is headquartered in Abu Dhabi but focuses squarely on transforming Nexon’s flagship franchises into blockchain-enabled ecosystems.

Under NEXPACE’s umbrella, MapleStory Universe was unveiled as a gateway into Web3 for the MapleStory IP. Its first major release, MapleStory N, went live in May 2025. The title integrates NFT-based item mechanics, gasless transactions, and a native token economy powered by NXPC.

This, however, is not Tencent’s first attempt at a deal with Nexon. A previous deal was shelved due to pricing disagreement back in 2019 when NXC corp was exploring options to sell its stake in Nexon.

Further, Tencent and Nexon have an existing business relationship. They co-developed Dungeon & Fighter, a highly successful title that has contributed significantly to Tencent’s gaming revenue. 

Tencent is looking to expand its footing in blockchain gaming despite a broader downturn in the sector.  According to DappRadar, daily active users in blockchain gaming dropped to new lows in April while monthly funding for blockchain gaming projects was down nearly 70% during the same time.

Beyond gaming, Tencent has been actively investing in the blockchain space. Last year, its investment arm led a $15 million Series A round for Chainbase, an omnichain data network.

Tencent has also partnered with the Open Network (TON) Foundation and Tencent Cloud to support blockchain infrastructure in the Asia-Pacific region. This included the launch of data indexing tools and node deployment services for the TON blockchain, reinforcing Tencent’s growing presence in the Web3 ecosystem.

Last year, Tencent onboarded China’s official metaverse working group earlier this year, led by the Ministry of Industry and Information Technology.