In the mid-to-late 1990s, South Korea achieved the highest broadband internet penetration rate in the world. This digital leap laid the foundation for a transformative era in gaming, ushering in the explosive rise of online games. As internet infrastructure rapidly evolved, so too did the Korean gaming market, setting the stage for the country's emergence as a global gaming powerhouse.

The turning point came with the release of The Kingdom of the Winds by Nexon in 1996, recognized as the world’s first commercial graphic online RPG. By adding visuals to the previously text-based MUD (Multi-User Dungeon) format, it marked the beginning of Korea’s leadership in online gaming. The game not only broke new ground but also continues to make history—it holds a Guinness World Record as the longest-running graphic MMORPG.

This momentum was quickly amplified by titles like Lineage and StarCraft, which played a key role in fueling the rise of internet cafés, known as PC bangs. These venues made PC gaming accessible to the broader public, contributing to the mainstream popularity of online games.

In 1998, NCSoft’s Lineage catalyzed the full-fledged growth of the Korean gaming industry. From a modest 1,000 concurrent users at launch, the game soared to 300,000 by 2001, reaching a scale where economies of scale could be realized. The industry's explosive growth continued with landmark hits such as MapleStory, Lineage 2, and Dungeon & Fighter, which found success not only in Korea but across Asia and the global market. This wave heralded the international expansion of “K-Games.”

As Korean game developers embraced technological innovation and diversified genres, the country solidified its presence on the global stage. A defining example came in 2017, when KRAFTON released PUBG: Battlegrounds, a title that would go on to sell over 80 million copies and top Steam’s best-seller list for seven consecutive years. More recently, Neowiz’s Lies of P, launched in 2023, captured three major awards at Gamescom, showcasing Korea’s growing stature in high-quality game development.

According to the Korea Creative Content Agency’s (KOCCA) 2024 Global Game Industry Trends report, the global game market grew from $276.4 billion in 2019 to $408.7 billion in 2023. As of 2024, South Korea stands as the world’s fifth-largest gaming market, valued at $13.4 billion—behind only the United States, China, Japan, and the United Kingdom.

The Korean gaming market has shown consistent year-over-year growth, expanding across PC, mobile, and console platforms in step with evolving consumer preferences. This adaptability has translated into strong financial performance. In 2024, Nexon became the first Korean gaming firm to surpass 4 trillion KRW in annual revenue. KRAFTON also reported stellar numbers, with 2.71 trillion KRW in revenue and 1.18 trillion KRW in operating profit, largely driven by the ongoing global success of PUBG: Battlegrounds.

Executive compensation also made headlines. The highest-paid executive in the industry last year was Henry Chang, who transitioned from Wemade to NEXUS in early 2024. He received a total compensation of 10.72 billion KRW, followed by KRAFTON CEO Changhan Kim with 5.93 billion KRW—nearly double his previous year’s earnings, in recognition of leading KRAFTON to its best financial performance yet.

KRAFTON has continued to innovate through its AI-powered gaming subsidiary, ReLU Games, which launched Magical Mic Duel: Senpai, Hear My Spell. Another milestone came with inZOI, a life simulation game that became the fastest-selling Korean package game to surpass one million units.

Meanwhile, Henry Chang’s near-decade tenure at Wemade left a lasting legacy. His leadership was defined by a triad strategy—IP development, blockchain integration, and strategic investment. Under his guidance, Wemade resolved a long-standing IP dispute over The Legend of Mir, securing a 500 billion KRW licensing deal.

Foreseeing the future of blockchain gaming early on, Henry spearheaded the WEMIX project, integrating blockchain technology into gaming and turning the idea of blockchain-based games into a commercial success.

The global version of MIR4, launched in 2021, exceeded one million concurrent users and ranked second worldwide among blockchain-based games in 2022. Wemade’s market capitalization soared from 680 billion KRW in 2014 to 5 trillion KRW by 2021. At its peak, the WEMIX coin surged past $24—over 200 times its listing price—cementing its role in Korea’s blockchain gaming ecosystem.

Night Crows, released in 2023, further showcased Wemade’s global publishing and development capabilities, achieving over 500 billion KRW in cumulative revenue and reaching 300,000 concurrent users worldwide.

Expanding beyond gaming, Henry led the industry by launching the world’s first blockchain-based golf tournament, the WEMIX Championship (2023–2024), contributing to the mainstream adoption of blockchain in sports culture. He also actively participated in philanthropic efforts, forums, and conferences to promote blockchain awareness and accessibility.

In an effort to globalize the Korean game industry, Wemade became the first game company to serve as the main sponsor of G-STAR for four consecutive years. Under Henry Chang’s leadership, the company also actively participated in major international exhibitions such as GDC, TOKEN2049, and ChinaJoy, significantly elevating the global presence of Korean games and positioning the company—and the country—as a serious player in the next generation of gaming.

Beyond promotion, Henry made bold and strategic investments that would come to define his business acumen. A 5 billion KRW investment in Lionheart Studio in 2018 yielded a remarkable 118.7 billion KRW return in 2022. Likewise, a 10 billion KRW investment in SHIFT UP brought in 80 billion KRW after five years. These moves cemented Henry’s reputation as a forward-thinking investor with an eye for future-shaping studios.

Wemade also acquired a stake in MADNGINE, the developer of Night Crows, taking the lead in global publishing and contributing to the title’s explosive success. MADNGINE later became a wholly owned subsidiary, further strengthening Wemade’s vertical integration and global reach.

Despite his achievements, Henry made an unexpected move in March 2024, stepping down as CEO and entering a ten-month hiatus. Though he retained his role as Vice Chairman of Wemade, he withdrew from all public-facing activities, creating industry-wide speculation about his next steps.

On December 13, 2024, he returned to the spotlight with characteristic boldness—announcing through public disclosure that he had acquired a 9.65% stake in game developer Action Square. As the second-largest shareholder, Henry revealed plans to rebrand the company as NEXUS, initiating its transformation into a blockchain-focused gaming powerhouse.

The market responded swiftly. Action Square’s stock price, which had hovered around 1,000 KRW, more than quadrupled following the announcement, reflecting overwhelming confidence in Henry’s vision and his track record in blockchain innovation.

Wasting no time, Henry rolled out an ambitious strategy centered around CROSS, an open blockchain gaming platform designed to make blockchain integration seamless for developers and frictionless for players. The platform’s core proposition—enabling blockchain-based games without requiring deep technical expertise—underscored Henry’s belief in accessibility as the key to mass adoption.

True to his long-standing emphasis on communication and transparency, Henry launched an official X (formerly Twitter) account as a direct channel to share project updates, blockchain policies, technical insights, and industry trends with the broader community.

In February 2025, he took another major step by founding the Open Game Foundation (OGF) in Switzerland, the official foundation for CROSS. This not only addressed regulatory considerations but also provided a credible and neutral base for ecosystem governance. Concurrently, Henry began forming partnerships with leading domestic and international developers to expand CROSS’s global footprint.

Momentum continued in March with the successful completion of a $10 million private token sale, where CROSS tokens were priced at $0.10. Demonstrating his commitment to fairness and transparency, Henry personally purchased tokens at the same price as investors—ensuring equal participation and aligning incentives from the outset.

On April 3, CROSS took a major leap forward with the launch of CROSSx, a decentralized super-app that acts as the platform’s core hub. With integrated services for developers and gamers, CROSSx represents a significant milestone in building a robust and user-centric blockchain gaming ecosystem.

Speaking at a recent shareholders’ meeting, Henry reflected on the team’s rapid achievements:

“What took us three years in the previous project, we’ve now achieved in just three months. I’m deeply grateful to the team for hitting such a difficult target. The next critical mission is to launch fun and commercially successful games.”

Now stepping into his role as the largest shareholder and de facto founder of NEXUS, Henry is once again pioneering the future of gaming—this time at the intersection of blockchain, entertainment, and global infrastructure. His ability to anticipate industry shifts, backed by action and execution, has drawn the attention of both the Korean gaming sector and the global blockchain community.

As NEXUS, CROSS, and the Open Game Foundation gain momentum, all eyes are on Henry Chang—the visionary who’s not just adapting to change, but creating it.