Financially-troubled board game publisher CMON is pinning its future on a push into video game development and blockchain-based projects, beginning with a $2.1m investment in NFT game maker Blissful Link.

CMON’s board said it planned to transition its titles such as Massive Darkness and Super Fantasy Brawl Reborn into “high-quality digital assets”, adding that it believed integrating its board games with digital and Web3 technologies “would enhance the long-term commercial value of the group’s portfolio”.

The company has kicked off that shift by agreeing to acquire a 2.2% stake in Blissful Link, which operates Capverse, a play-to-earn video game built on blockchain technology in which players buy NFT ‘Sumer’ characters to battle with online.

CMON’s investment values British Virgin Islands-incorporated Blissful Link at more than $95m. Blissful Link made a loss of about $197,000 in 2024, on revenues of just over $408,000, and had net liabilities of about $889,000, according to unaudited figures provided by CMON. It did not include finances for 2025.

A statement from CMON’s board supplied to the Hong Kong stock exchange, where the board game publisher is listed, said, “Over the years, traditional board and other table top games have merged with digital ones providing digital convenience, offering online multiplayers, automated rules and apps that enhance physical play.

“The company believes that in order to continue to be relevant in the games industry and to expand the group’s revenue stream, the group would need to conduct digital transitioning and venture into video game development and Web3 projects.

“Digital transitioning would have the benefits of enhanced visual effects, have apps that handle scoring, timing etc, would enable a diversified number of players and are more accommodating to players not within the same vicinity.

“Added to this, entering into Web3 projects often emphasise social responsibility and ethical practices such as transparency and fairness on decision marking. By participating in Web3 projects, the company can demonstrate its commitment to social responsibility and sustainability.

“However, the group would continue to supplement this digital transformation as physical games would still offer a ‘screen break’ for individuals as well as foster direct face to face interaction.”

Non-fungible tokens, or NFTs, are digital assets which represent specific items – such as an illustration, trading card or piece of music – each with an individual signature stored via blockchain technology, which includes information such as who created it, who owns it, who sold it and for how much.

NFTs, which emerged out of cryptocurrency technology such as Bitcoin, exploded into the public eye in 2021 thanks to big-money speculative purchases – such as an NFT of Twitter founder Jack Dorsey’s first tweet selling for $2.9m.

That speculative bubble had already burst a year later, however with many of the digital assets involved losing more than 90% of their peak value. The Dorsey tweet NFT, for example, received a high bid of $6,800 when it was put back on the market in April 2022.

Other board games that have pushed into NFTs are few and far between, with one of the highest profile examples being SolForge Fusion, which allows players to mint decks as digital assets in addition to playing the game in physical form.

Two years ago CCG project Wonders of the First had to pull a $1.4m campaign from Kickstarter after falling foul of the crowdfunding platform’s ban on NFTs. The game went on to raise about $1.2m after relaunching without NFT content.

CMON, a long-time heavyweight in board game crowdfunding thanks to games such as Zombicide, Blood Rage and Cthulhu: Death May Die, slumped to a loss of more than $3m in 2024 due to falling sales for its crowdfunding campaigns.

That loss was almost double CMON’s total profits from the prior three years – but the figure was dwarfed by the $19.9m annual loss the company announced in its 2025 financial results.

CMON’s $23m losses across 2024 and 2025 are now almost 5.5-times larger than its profits from the preceding nine years combined, and have pressed the company into a string of asset sales as it attempts to fulfill more than $14.3m of as-yet-undelivered crowdfunding campaigns.

Those IP sales included parting with its most famous and profitable title Zombicide – which has raised more than $40m on Kickstarter since its 2012 launch – to Asmodee, as well as Blood Rage, Rising Sun and Ankh to Tycoon Games.

It followed those by selling the IP for former Mythic Games titles Anastyr and Hel: The Last Saga to Don’t Panic Games in September, and parting with the lucrative Cthulhu: Death May Die IP to Asmodee a month later – the latter a series which has raised almost $10m from backers to date.

Last month an independent auditor hired by the company questioned whether it CMON had the resources to stay in business for the foreseeable future, saying the publisher’s $19.9m annual loss, its net liabilities of more than $3.5m and contract liabilities of over $7.5m “indicate a material uncertainty which may cast significant doubt about the group’s ability to continue as a going concern.”

CMON’s directors had a different view, however, saying in the company’s 2025 financial report that it “should be able to continue as a going concern” thanks to a trio of factors.

They include financial support from some of the directors “sufficient to finance CMON’s working capital requirements”, the roughly $2.4m proceeds from selling its Singapore office that it received in January, and about $1.25m of gross proceeds from a successful share sale in February.

CMON’s hefty liabilities are largely due to its eight undelivered crowdfunding campaigns, which are not recognised as revenue on the company’s books until they are fulfilled to backers.

They include DC Super Heroes United, which raised more than $4.4m, and DCeased, which brought in over $2.5m. Both campaigns were initially due to be delivered last year, but are now expected to be delivered in Q4 of 2026, according to CMON’s latest estimates.

CMON also has several undelivered pre-order campaigns on its books, including Dune Desert War and the Assassin’s Creed Role Playing Game.

The company pulled the plug on crowdfunding launches and new game development just over 12 months ago, citing the economic uncertainty created by US tariff hikes – which at the time had reached 145% for China, where the vast majority of hobby board games are manufactured.

But CMON announced last month that it plans to relaunch its halted crowdfunding operations later this year.

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