NEXUS disclosed on June 18 that it would acquire approximately 89% of One Store's shares for around KRW 62.6 billion, with the deal scheduled to close on June 29. The company plans to fold One Store's payment infrastructure into its blockchain platform to create a distribution channel for Web3 games. CEO Jang Hyun-guk called the acquisition the "final puzzle piece" for a gaming platform combining AI and blockchain.
The financing math is the first red flag. NEXUS' total equity stands at approximately KRW 38.1 billion. The KRW 62.6 billion acquisition price represents 164% of that capital base. To close the gap, the company approved a third-party capital increase of KRW 39.5 billion and convertible bonds worth KRW 21.2 billion. If NEXUS fails to generate returns on the deal, existing shareholders face dilution and stock pressure. On the day of disclosure, NEXUS shares fell nearly 30% to close at KRW 1,885.
One Store's profitability problem
One Store has operated since 2016 but remains unprofitable after years of competing against Google and Apple's market dominance in Korea. No turnaround is visible in the source text. If NEXUS cannot fix that gap after acquisition, the financial burden lands on the gaming company—not on One Store's existing major shareholders, SK Square (45.78%), Naver (24.06%), and Krafton (2.17%), who retain stakes through a share swap arrangement.
Labor friction and regulatory walls
One Store's labor union held its first protest on June 16, with more than 100 of the union's 137 members opposing the ownership shift from a major conglomerate subsidiary to a mid-sized gaming firm. An industry official quoted in the source noted that organizational stability must be achieved before any blockchain platform vision can succeed.
A second hurdle is domestic law. Under current Korean law, the distribution of blockchain games remains effectively prohibited, forcing any Web3 strategy to depend on overseas revenue. One Store has already shut down all previously established international subsidiaries. Its Taiwan business now operates only through a local publishing partner in limited form. Rebuilding that overseas infrastructure will cost time and money.
An industry source told the publication, "Securing a distribution platform for blockchain games is certainly positive. However, it remains unclear how actively existing game developers on One Store will participate in the transition to Web3. Unless NEXUS can demonstrate clear synergies and tangible results during this process, market skepticism is likely to persist for the foreseeable future."