CMON, the miniatures publisher behind Zombicide and Blood Rage, is putting $2.1 million into a lossmaking NFT video game studio, and it wants to turn some of its best-known games into blockchain assets. If you were hoping the tabletop hobby had dodged this particular trend, bad news.
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Find events near youAccording to a BoardGameWire filing breakdown published on 24 April, the Hong Kong-listed publisher is buying a 2.2% stake in Blissful Link Investments, a British Virgin Islands-incorporated outfit behind a play-to-earn blockchain game called Capverse, where players buy NFT "Sumer" characters to battle online. The valuation implied by CMON's cheque is over $95 million, despite Blissful Link posting a $197,000 loss on $408,000 of revenue in 2024 and carrying roughly $889,000 of net liabilities.
CMON's board told investors the group "would need to conduct digital transitioning and venture into video game development and Web3 projects" to stay relevant, naming Massive Darkness and the recent Super Fantasy Brawl: Reborn as titles it wants to turn into "high-quality digital assets". Wargamer was blunter, describing Blissful Link as "lossmaking" and noting the gamer community's ongoing allergy to NFTs.
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Start organising for freeThe context is grim. CMON has been haemorrhaging cash, posting roughly $23 million in combined losses across 2024 and 2025 and sitting on more than $14.3 million of unfulfilled crowdfunding obligations. The company has already sold Zombicide and Cthulhu: Death May Die to Asmodee to keep the lights on, and its board recently flagged going-concern doubts to auditors. Against that backdrop, spending what little cash remains on a play-to-earn outfit rather than fulfilling existing backers is raising eyebrows across the hobby.
Whether any of this translates into actual products is the real question. NFT tabletop partnerships have a short, unhappy history, and board gamers tend to vote with their wallets. Expect plenty of heated forum threads before any digital Massive Darkness asset ever hits a wallet.
Sources: BoardGameWire | Wargamer
