NEXUS CEO Jang Hyun-guk: One Store to pioneer market as Web3 store

Following the announcement that the NEXUS project CROSS would transform into ONE Chain, NEXUS CEO Jang Hyun-guk spoke via YouTube on the 18th to explain the strategic reasoning behind the acquisition. In a video titled 'Why did NEXUS acquire One Store? CEO Jang Hyun-guk reveals the background and platform strategy,' Jang detailed the company's vision.

One Store originally grew as a domestic challenger to the duopoly of the Apple App Store and Google Play, even eyeing an IPO. However, its growth has stalled, with critics labeling it a relic of the past—alongside the three major mobile carriers and the Naver App Store—due to its limited impact relative to its market share.

While the public disclosure that NEXUS would become One Store's largest shareholder was met with skepticism over potential increases in debt burden, Jang used an eight-minute video to outline plans to transform One Store from a simple marketplace into a global store specialized for Web3.

"We have built various components such as the mainnet, wallet, community, quest platform, web shop, and payment system, but the function for distributing games was missing," Jang explained. "The acquisition of One Store is a vital choice to fit the final piece of the puzzle as a platform."

The domestic gaming industry currently faces significant barriers to entry for Web3 and blockchain games due to concerns over gambling and currency exchange. Under current regulations, the negative perception of P2E has left little room for "play-to-earn" models.

"In the AI era, anyone can make a game, but servicing it stably remains a difficult task," Jang said. "By providing all-in-one support for everything required for service, One Store will achieve clear differentiation from the Google Play Store."

Under this strategy, the One Store brand will be maintained globally, while the name of the blockchain mainnet CROSS, previously held by NEXUS, will be changed to ONE Chain. Additionally, the mainnet's native token will be rebranded from CROSS to 'ONE' to unify the company's business identity.

"I am completing the big picture of a gaming platform that I vaguely envisioned when I entered the industry 30 years ago by combining new technologies like AI and blockchain," Jang said. "With this M&A as a turning point, NEXUS and One Store will take a major leap forward in the global market."

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