MapleStory N ( Image courtesy of Nexpace)
SEOUL, May 22, 2025 (Korea Bizwire) — After a prolonged slump driven by scandals and user attrition, South Korea’s blockchain gaming industry is showing signs of a robust revival, fueled by new product launches and anticipation of a more favorable regulatory climate under the incoming administration.
Nexon, one of South Korea’s largest game developers, officially launched MapleStory N, a blockchain adaptation of its globally popular franchise, through its overseas subsidiary Nexpace on May 15. The release forms the cornerstone of the company’s broader MapleStory Universe, a blockchain-based game ecosystem first unveiled in 2022.
The new game quickly drew a surge in users both in Korea and abroad, thanks to the enduring appeal of the MapleStory intellectual property. Its ecosystem’s core currency, NXPC, is currently listed on major exchanges including Bithumb, Upbit, and Binance.
As of this week, approximately 169 million of the 1 billion total NXPC tokens are in circulation, giving it a market capitalization of around $320 million (₩450 billion).
NEXUS CEO Jang Hyun-guk (third from the right) visiting DMCC in Dubai. ( Image courtesy of Nexus)
Nexon’s resurgence is part of a broader trend. Nexters, led by newly appointed CEO Jang Hyun-guk—formerly of Wemade—has intensified its blockchain gaming efforts through its affiliate Open Game Foundation (OGF).
Last month, OGF launched the first version of its blockchain-specific mainnet, CROSS, and its native token sold out over 50% of its offering within two hours of going live on May 15.
Jang also visited Dubai’s DMCC earlier this month to explore global expansion opportunities in gaming and blockchain technology. Other local developers, including Gravity and LINE Games, have recently declared plans to adapt their IPs for blockchain-based platforms.
Meanwhile, Wemade continues to pursue its international ambitions despite ongoing legal and regulatory setbacks at home. Earlier this month, its WEMIX token faced a second delisting from major Korean exchanges under the Digital Asset eXchange Alliance (DAXA). Wemade filed for an injunction to suspend the delisting decision, with the first court hearing scheduled for May 23.
Speculation is growing that South Korean gaming firms are positioning themselves ahead of a potential domestic policy shift under the next government. During a May 14 earnings call, Wemade CEO Park Kwan-ho expressed optimism that the incoming administration would support blockchain development and correct what he described as “outdated” market practices.
Currently, South Korea’s Game Industry Promotion Act prohibits the conversion of in-game rewards—points, prizes, or currencies—into real-world assets, classifying such exchanges as illegal gambling.
As a result, the Game Rating and Administration Committee has denied classification to P2E (Play-to-Earn) games and blockchain games involving NFTs, effectively banning them from the domestic market.
Despite this, Korean-language interfaces remain prevalent in blockchain games technically barred from operating within the country. MapleStory N blocks Korean users, yet maintains a Korean-language Discord channel and some localized UI elements.
Similarly, Netmarble’s Everyone’s Marble 2 and Wemade’s MIR4 Global offer Korean-language support despite being unavailable for domestic play.
With industry leaders betting on regulatory changes and investing heavily in blockchain infrastructure, the sector’s rebound may hinge not only on market momentum, but also on how swiftly the legal environment evolves.
M. H. Lee (mhlee@koreabizwire.com)
