As part of efforts to advance its gaming platform business, Nexus Co, a South Korean game developer, today announced a strategic acquisition of ONE Store, the operator of the country’s homegrown mobile application marketplace.
Nexus is a South Korean company that specializes in the development and servicing of video games, commonly recognized as the game company behind the CROSS blockchain gaming platform. The acquisition enabled it to acquire 20,247,900 shares of One Store, an 89.03% stake in One Store, for about 62.6 billion won ($40.74 million), the development revealed.
Why Nexus Acquires One Store
As the announcement disclosed via the X social platform, the strategic deal allowed Nexus to acquire an 89.03% stake in One Store held by Krafton, Steel Number One Cha, Naver, SK Square, and others who participated in the previous acquisition as strategic investors. The new acquisition bestows Nexus as the majority shareholder, now controlling One Store’s management affairs following the purchase of shares from SK Square Co. (45.78%), Naver Corp. (24.06%), Steel Number One First Co. (17.02%), and Krafton Inc. (2.17%).
One Store is a mobile app marketplace and distribution platform that serves more than 40 million South Korean users and app developers. It operates an app marketplace where smartphone users can buy and utilize various mobile applications, similar to functions that Google Play Store and Apple App Store typically serve.
According to the announcement, Nexus intends to utilize the acquisition as an opportunity to build One Store into an international game powerhouse that combines AI and blockchain. Nexus plans to integrate its own Web shop, payment, and community platforms with One Store, and broaden it into a game store built with Web3 functionalities, including decentralized exchanges, wallets, stablecoins, and staking, aiming to transform One Store into an AI-native game platform that analyzes and curates AI-created games in real time.
Developing the Future of Web3 Applications
The acquisition effort shows the rapid evolution of the Web3 gaming landscape, with operators (like Nexus and many others) embracing blockchain and AI technologies to set the foundation for transformative advancements.
Nexus said that with the acquisition, it plans to leverage One Store’s existing business foundation, ecosystem, and partnerships to transform the platform from a single app marketplace into a global game hub, powered by blockchain and AI to allow users access to core Web3 functions such as games, DEXs, stablecoins, and crypto wallets in a unified hub. This approach is set to make Web3 games more enriching and accessible to everyone, with blockchain enabling players to own assets while AI unlocks layers of interaction and efficiency.
