Tencent, a Chinese technology and holding company with a global footprint, is reportedly exploring the possibility of acquiring game developer and publisher Nexon.
Representatives from the tech company contacted the family of Nexon founder Kim Jung-ju to explore a potential deal, but no concrete terms have been reached and a deal is not guaranteed, according to Bloomberg.
Nexon is the South Korean video game developer behind the MapleStory series, a massively multiplayer online role-playing game (MMORPG) that first gained popularity in the early 2000s as a traditional PC game.
Web3 gaming continues to be a closely watched use case for blockchain technology as the ability to give players ownership over in-game assets could create an entirely new asset class and create tens of billions of dollars in capital.
The company integrated blockchain technology in two different installments of the series, MapleStory N and MapleStory Universe, in May 2025, allowing users to collect in-game items and rewards in the form of non-fungible tokens (NFTS).
Related: MapleStory revives Avalanche, tops 1M daily transactions twice in a week
Interest in Web3 gaming surges, but still far from mainstream
According to a February 2025 report from DappRadar, blockchain gaming activity surged by roughly 368% year-over-year in January 2025, driven by games like Off The Grid and the then-upcoming MapleStory N.
Off The Grid is a AAA shooter, published by Gunzilla Games, that features console-level graphics and gameplay similar to that of traditional video game blockbusters produced by major game studios.
This represented a significant departure from traditional Web3 games that typically feature simple gameplay mechanics, cartoonish graphics, and a focus 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%, reflected by a drop in daily unique active wallets, according to DappRadar.
While the crypto gaming sector remains healthy and titles such as MapleStory and Off The Grid reflect a shift to higher-quality games focused on player experience, Web3 gaming still faces several headwinds.
Chief among these impediments to widespread Web3 gaming adoption are the technical barrier to entry of setting up a blockchain wallet and the traditional gaming community's aversion to play-to-earn games and other tactics designed to fuse gaming and money.
Magazine: Can Off the Grid survive Steam’s crypto ban? Rage over Maplestory cheaters: Web3 Gamer