MapleStory Universe generated $31 million in its first year
Twelve months on from Nexpace’s launch of PC MMORPG MapleStory N on its Henesys blockchain, and the raw figures are impressive.
It’s generated more than 150 million onchain transactions, from 3.8 million registered accounts, of which around 850,000 are classed as engaged wallets. It’s also accounted for 23% of total activity on the Avalanche C-Chain.
But aside from usage figures, revenue has also been strong, with more than 48 million in the ecosystem’s NXPC token generated in terms of revenue. This is worth around $31 million at time-weighted prices.
More importantly, the game’s core business model, character progression, equipment enhancement and consumables, accounted for 91%.
This is important because it suggests spending is being driven primarily by gameplay utility, not marketplace speculation. Marketplace commission contributed 7.1%, while newer business lines such as cosmetics and guild content added 2.4%. In other words, the secondary economy is already meaningful, but the bulk of the value is still coming from players engaging with the game .
The trajectory is also notable. Quarterly revenue increased from roughly 8.5 million NXPC in Q4 2025 to 14.4 million NXPC in Q1 2026.
The 5th Job Advancement update in December 2025 pushed NFT prices to all-time highs, with individual characters trading for as much as 30,000 NXPC.
The marketplace tells a similar story. More than 12.4 million trades have passed through the MapleStory Universe marketplace, generating over 68 million NXPC in volume, worth more than $46 million on a time-weighted basis. That is larger than Axie Infinity’s marketplace turnover, which was around $30 million in 2024 and $12 million in 2025.
Monthly spending share among active wallets has reportedly climbed from around 50% at launch to roughly 80% today.
The NXPC burn mechanism adds another layer. Designed to remove tokens from circulation based on 20% of accumulated user-activity revenue, it has already completed two cycles: 3.8 million NXPC in November 2025 and 1.6 million NXPC in January 2026. A third cycle, projected at 2.9 million NXPC, is due in May 2026.
That stated, the value of NXPC has struggled. It’s down 91% since launch, although up 22% in the past month.
And that’s where Nexpace’s next strategy comes into play. Having built a community with MapleStory N, it’s now moving to create an ecosystem with the wider MapleStory Universe.
Labeled MSU 2.0, this is all about encouraging external builders to take the IP Nexpace provides and using these onchain assets to launch new forms of creation, distribution, and commercialization. This activity will be backed by a $50 million ecosystem fund.
“In the past year, we focused on building the infrastructure and discipline required to support our community over the long term,” said Nexpace CEO Sunyoung Hwang.
“Ever since then, MSU has evolved beyond a single game into infrastructure for creation, commerce, and participation. That shift defines what it means for an IP to become an economic system and a foundation for the next generation of online worlds.
“MSU 2.0 is the next phase of our growth journey. Our goal is to expand the role of IP from something people experience to something they can actively build with, share, and grow together, akin to an infinite IP playground. From here, our priority is to build the infrastructure that will support a larger and more connected IP ecosystem.”
You can see more data from MSU via its Dune dashboard.
