Der Brettspielverlag CMON, bekannt für Miniaturenspiele wie Zombicide und Blood Rage, zieht sich aus einem Ausflug in die Blockchain zurück. Wie das Branchenmagazin BoardGameWire am 23. Juli 2026 unter Berufung auf eine Pflichtmeldung an die Börse Hongkong berichtet, kündigt CMON das im April 2026 angekündigte Investment von 2,1 Millionen US-Dollar in den NFT-Spieleentwickler Blissful Link wieder auf.

Capverse: Was Blissful Link mit NFT-Charakteren plante

Blissful Link entwickelt Capverse, laut Unternehmensangaben ein Play-to-earn-Videospiel auf Blockchain-Basis. Spielerinnen und Spieler kaufen darin NFT-Charaktere namens Sumer und lassen diese online gegeneinander antreten. Der Reiz für den Käufer liegt weniger im Spiel als im Handel: Die Figuren sind digitale Besitztitel, die weiterverkauft werden können. Die Namen des Entwicklerteams hinter Blissful Link nennt die Meldung nicht.

Warum CMON den Blissful-Link-Deal abbläst

Als Grund für den Rückzug gibt CMON an, die Bedingungen für den Vollzug seien nicht erfüllt worden. Konkret nennt der Verlag laut Bericht offene Punkte bei der Prüfung von Finanzen und Rechtsstruktur von Blissful Link sowie bei vertraglichen Gewährleistungen. Welche Prüfung im Detail scheiterte, legt CMON nicht offen.

Der ursprüngliche Deal bewertete Blissful Link mit über 95 Millionen Dollar. Dem stehen magere Zahlen gegenüber: Für 2024 weist das Unternehmen einen Verlust von rund 197.000 Dollar bei einem Umsatz von gut 408.000 Dollar aus, dazu Nettoverbindlichkeiten von etwa 889.000 Dollar. Die Angaben sind ungeprüft, Zahlen für 2025 fehlen. Ziel des Investments war es laut CMONs Verwaltungsrat, „relevant in der Spielebranche zu bleiben" und den Umsatz zu verbreitern: Marken wie Massive Darkness und Super Fantasy Brawl Reborn sollten als digitale Assets in die Blockchain wandern.

CMON in der Krise: Verluste, Markenverkäufe, wartende Backer

Der Rückzug fällt in eine angespannte Lage. CMON summierte 2024 und 2025 rund 23 Millionen Dollar Verlust, mehr als das Fünffache der Gewinne der neun Jahre davor. Die Wirtschaftsprüfer äußerten Zweifel am Fortbestand des Unternehmens. Um Liquidität zu sichern, verkaufte CMON zentrale Marken: Zombicide und Cthulhu: Death May Die gingen an Asmodee, Blood Rage, Rising Sun und Ankh an Tycoon Games.

Parallel warten Unterstützer auf Ware. Kampagnen wie DC Super Heroes United (4,4 Millionen Dollar) und DCeased (2,5 Millionen Dollar) sind noch nicht ausgeliefert, CMON erwartet die Lieferung nun für das vierte Quartal 2026. Neue Crowdfunding-Projekte hatte der Verlag im April 2025 wegen der US-Zölle auf in China gefertigte Spiele pausiert, ein Wiederanlauf ist für Ende 2026 geplant.

Schlechtes Timing: der NFT-Markt seit 2021

Der Zeitpunkt für den NFT-Einstieg wäre ohnehin heikel gewesen. Der NFT-Hype erreichte 2021 seinen Höhepunkt, die Spekulationsblase platzte bereits ein Jahr später: Viele Token verloren über 90 Prozent ihres Höchstwerts. Kickstarter verbietet NFT-Inhalte weiterhin: Die Kampagne Wonders of the First musste 2024 genau daran scheitern.

Financially-troubled board game publisher CMON has terminated its planned $2.1m investment in NFT video game maker Blissful Link, three months after pinning its future on a push into digital game development and blockchain-based projects.

CMON’s board had planned to transition the company’s titles such as Massive Darkness and Super Fantasy Brawl Reborn into “high-quality digital assets” through the investment, saying the move was necessary for it to “continue to be relevant in the games industry and to expand the group’s revenue stream”.

But the board game publisher has now terminated the deal according to a new filing it submitted to the Hong Kong stock exchange, saying the conditions necessary to complete the investment had not been fulfilled.

CMON did not disclose which conditions had not been satisfied, nor whether it intends to pursue alternative investments as part of the announced digital strategy.

The conditions of the deal included CMON being satisfied with the results of due diligence of Blissful Link’s finances, assets and legal structure – particularly around its Capverse game – approval of both parties, and warranties related to the agreement “remaining true and accurate and not misleading at completion”.

Capverse is a play-to-earn video game built on blockchain technology, in which players buy NFT ‘Sumer’ characters to battle with online.

The proposed investment would have valued 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 in April. It did not include finances for 2025.

CMON was mocked in multiple places online after it announced the NFT deal in April, with commentors largely expressing that they believed the deal was not financially sound, and questioning CMON’s decision to bank on NFT and web3 technology to fix its financial problems.

The veteran crowdfunding giant’s $23m losses across 2024 and 2025 were 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.

Earlier this year 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 Super Fantasy Brawl Reborn and the Assassin’s Creed Role Playing Game. The company is currently in the process of fulfilling a trio of other pre-orders including Dune Desert War, Cthulhu: Dark Providence and Marvel United: Witching Hour.

The company pulled the plug on crowdfunding launches and new game development in April 2025, 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 in March this year that it plans to relaunch its halted crowdfunding operations later in 2026.

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.

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