MapleStory’s Crypto Adventure: NXPC Sparks a Wealth Effect—Is GameFi Ready for a Comeback?

May 21, 2025

Author: TechFlow

Translation: WuBlockchain

Original Link: https://www.techflowpost.com/article/detail_25664.html

Remember MapleStory, the classic game where you grinded mobs, teamed up with friends, and showed off your latest gear?

Younger Web3 newcomers might’ve missed it, but for many born in the ’80s and ’90s, MapleStory was a nostalgic internet café staple — an iconic title that marked the rise of online gaming in post-millennial China.

Now, it’s making a comeback — as a rising star in the blockchain gaming world.

The English name MapleStory now lives on through MapleStory Universe, the Web3 version of the game. On May 15, its governance token NXPC was listed on Binance, Upbit, Bithumb, Gate.io, Bybit, Deepcoin, Bitget, Weex, MEXC, and more. Upon launch, NXPC’s price surged past $3, pushing its fully diluted valuation (FDV) to $3 billion.

As prices soared, so did the buzz — particularly around airdrops, with many referring to NXPC’s generous rewards as a “pig trotter meal” (crypto slang for a lucky windfall).

Under Binance Alpha’s current points system, users who met certain criteria received NXPC airdrops. At the time of writing, a single qualifying address could earn over $600 — making NXPC one of the most lucrative airdrop opportunities of the year.

Some community members joked: Is it still worth heading back to BSC now? The wealth effect has once again drawn attention back to the ecosystem. MapleStory evokes deep nostalgia among older gamers, while its revival brings a rare glimmer of hope to a GameFi sector that has long lagged behind the curve.

So… has GameFi, once written off by the market, finally found a new lease on life?

Is NXPC Really Worth the Hype?

We can assess NXPC’s recent explosive performance from two angles: the fundamentals of the project itself, and how it compares to the previous leaders in the blockchain gaming space.

NXPC is the governance token of MapleStory Universe, launched by NEXPACE, the blockchain subsidiary of Korean gaming giant Nexon. MapleStory is a classic MMORPG with a 20-year legacy, boasting over 180 million players globally and generating $4 billion in lifetime revenue — making it one of the evergreen titles in gaming history.

Now, Nexon is bringing this iconic IP on-chain, aiming to build a community-driven digital economy through MapleStory Universe.

According to the project’s whitepaper, NXPC has a total supply of 1 billion tokens. Of that, 16.37% (about 163.7 million tokens) were unlocked immediately via airdrop, while 80% is reserved for future ecosystem rewards designed to incentivize long-term participation from players and creators.

NXPC also has a sister token, NESO, which is used for in-game transactions and is freely swappable with NXPC. This dual-token model attempts to balance game economy dynamics with token value appreciation — though many investors see it as a clear “gold farming” opportunity.

From a tokenomics perspective, the structure follows a familiar “main token — utility token — NFT asset” loop. One token (NXPC) serves as a platform token with governance or staking functionality, granting holders various in-game privileges. The other (NESO) functions purely as in-game currency. Together, they fuel the NFT-based item economy within the game.

In essence, this model isn’t fundamentally different from previous blockchain gaming projects.

If we compare NXPC to former stars of the blockchain gaming sector, we might be able to estimate a reasonable valuation range.

At over $3 per token, is NXPC already priced to perfection?

Using its current circulating supply of 163.7 million (16.37%), and comparing it to the current market caps and past peaks of major projects like Gala Games, The Sandbox, Decentraland, Axie Infinity, and Mobox, we can make a rough theoretical projection:

Current market cap comparison:

At $3 per token (at the time of writing), NXPC is already priced higher than Mobox ($0.24) and Axie Infinity ($2.17), and is on par with Decentraland ($3.40).

If NXPC were to reach the market cap of Gala Games or The Sandbox — around $703 million and $691 million respectively — its price could climb to the $4.06–$4.13 range.

However, compared to Mobox’s relatively low valuation, NXPC’s current price already seems to reflect lofty market expectations.

Historical peak comparison:

During the 2021–2022 blockchain gaming bull run, Gala Games and The Sandbox each reached valuations of $6.9–7.0 billion. If NXPC were to match those peaks under similar market conditions, its token price could theoretically surge to the $15–40 range.

But that would require NXPC to replicate the same level of ecosystem activity and market frenzy that those projects once enjoyed.

Fundamentally, the blockchain gaming sector hasn’t seen any major narrative or technological breakthroughs recently. Betting solely on an aging MapleStory IP to drive prices into that range might be overly optimistic.

Short-Term Effects

Looking at current data, NXPC’s surge appears to be primarily driven by capital market dynamics rather than fundamental strength.

On Binance, the NXPC/USDT perpetual futures funding rate once dropped as low as -2%, and currently sits around -0.7%. This means short sellers are paying long positions — a negative funding rate often signals a short squeeze, where forced liquidations of short positions drive prices even higher.

Simultaneously, NXPC debuted on major exchanges like Binance, ensuring sufficient short-term depth and liquidity. The rapid listing of perpetual contracts across multiple platforms further attracted speculative capital.

According to MEXC data, NXPC’s 24-hour trading volume reached $6.85 million, highlighting the intense speculative interest.

But looking beyond the surface, NXPC faces significant challenges in delivering on its fundamental value.

First, the game is still in beta. Key indicators like player retention and the stability of its in-game economy have yet to be tested in the market. The lesson from Axie Infinity remains clear: blockchain games that rely heavily on speculation while neglecting user experience and economic balance rarely achieve sustainable success.

Second, NXPC’s value is closely tied to the vibrancy of its creator economy.

Unlike traditional “Play-to-Earn” models, NXPC emphasizes a “Create-to-Earn” approach. MapleStory Universe allows players and creators to use Synergy Apps to design custom equipment, levels, and other content, which can be minted as NFTs using NXPC and traded within the ecosystem.

However, if creator participation is low or NFT item markets lack liquidity, demand for NXPC could drop significantly. Shifting from “Play-to-Earn” to “Create-to-Earn” isn’t a novel concept — we’ve seen this pattern in many past blockchain gaming experiments.

Judging by reactions on Crypto Twitter, the buzz around NXPC is clearly fueled by a combination of nostalgic appeal from the MapleStory IP and wealth-effect-driven hype. Yet, community attention remains fixated on short-term profits rather than the project’s long-term ecosystem value.

Another critical factor: this is a Korean-developed game. It’s no secret that Korean youth are highly active in crypto trading. The market dynamics in South Korea, especially metrics on platforms like Upbit, could play a pivotal role in NXPC’s trajectory.

Still, a single flower blooming doesn’t mean the whole garden is healthy. The fate of blockchain gaming remains uncertain.

MapleStory may be embarking on a new journey in the crypto world — but it now faces an audience filled with battle-scarred players who’ve already left the stage after painful losses in past blockchain game cycles.

Wu Blockchain

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