Just as Peria Chronicles was starting to make real progress towards release (it held its first beta test on May 9th, 2019), Nexon announced that the game has been cancelled (as reported by Inven.co.kr). Check out the Google translate of the short Inven article below:

Jan 27, 2020  Peria Chronicles is an MMO RPG that offers players the chance to live their own fantasy life in an anime inspired landscape of their creation. Peria Chronicles System Requirements Test My PC. R/peria: Peria Chronicles Online subreddit!

Nexon has stopped developing the 'Peria Chronicles'.

Nexon said on Wednesday, 'After much discussion, the development of the 'Peria Chronicles' was stopped.' Nexon has conducted several internal and external tests of the Peria Chronicle. Nexon, however, concluded that the project stage, the Peria Chronicles, could not satisfy the user and eventually canceled the project.

The Chronicles of Peria is one of Nexon's seven development studios and a grandchildren company, Softsoft, has been making games since 2011. The amount invested through Nexon Korea's subsidiary Neople has been reported to be more than 10 billion won.

Previously, 'The Chronicles of Peria' made its first appearance at G-Star 2012 as 'Project NT'. At this time, 'Peria Chronicles' received the expectations and attention of gamers with the concept of MMORPG that users make together.

Legion of honor. An official of Nexon said, 'I'm sorry for the users who have waited for the release.'

Nexon has reportedly spent ~$8.2 million on development but apparently the game didn't meet player expectations during the beta test. It's sad to see this one go as it was we were hyped for it for some time. The game compared itself to Minecraft in terms of open ended gameplay and player created content, so it would have been quite innovative as an MMO.

Further reading:Reddit Discussion, Inven Article