CMON Has $14 Million In Unfulfilled Crowdfunds And Just Spent $2.1 Million On An NFT Company

CMON Limited, once one of the most successful crowdfunding-based board game publishers in the hobby, announced in April that it is investing $2.1 million to acquire a stake in Blissful Link, the company behind Capverse, a “Web3 play-to-earn game using blockchain technology.”

The financial context makes the decision extraordinary. CMON reported losses of $19.9 million in 2025, following $3 million in losses in 2024. The company holds more than $14.3 million in unfulfilled crowdfunding obligations across eight outstanding campaigns. It ceased development on all new games in April 2025. It sold its flagship Zombicide IP to Asmodee to generate cash. It sold Cthulhu: Death May Die to Asmodee for the same reason. Its auditors raised going-concern doubts in its most recent annual report.

The undelivered campaigns include DC Super Heroes United, which raised over $4.4 million from backers, and DCeased, which raised over $2.5 million. Both were originally due to be delivered in 2025. CMON now expects to deliver them in Q4 2026. Also outstanding: Dune Desert War, the Assassin’s Creed Role Playing Game, and several others. One backer posted to BGG: “They have 8 outstanding crowdfunding projects, 7 unfulfilled pre-order campaigns. How can Kickstarter, Gamefound, or Backerkit even entertain allowing them to start another campaign.”

The Capverse company CMON is investing in generated revenue of $409,000 in 2024 against losses of $197,000, a company that loses money on under half a million dollars in revenue, funded by CMON, which itself loses tens of millions annually.

CMON’s board justified the investment by stating that integrating its board games with “Web3 technologies would enhance the long-term commercial value of the group’s portfolio” and that “participating in Web3 projects, the Company can demonstrate its commitment to social responsibility and sustainability.”

The NFT boom peaked in 2021 and collapsed by 2022. CMON is making a play-to-earn blockchain investment in 2026.

The company has also announced it plans to return to crowdfunding later this year, despite the eight campaigns already overdue. No Rerolls, a board gaming commentary site, described the situation plainly: “A publisher with eight overdue campaigns and millions in unfulfilled liabilities doesn’t relaunch crowdfunding because it’s ready. It relaunches because it has no other reliable way to generate cash.”

CMON was founded in Hong Kong in 2008 and built its reputation on premium Kickstarter campaigns for miniature-heavy games. Zombicide raised $781,000 in its original 2012 campaign and spawned one of the most successful board game franchises in crowdfunding history. Blood Rage, Rising Sun, and A Song of Ice and Fire: Tabletop Miniatures Game followed. The company was genuinely innovative in its field. Its downfall was the same combination that has ended other ambitious crowdfunding operations: too many campaigns running simultaneously, manufacturing delays compounded by tariffs and COVID logistics, and an inability to deliver at the scale the crowdfunding success demanded.

The NFT investment is not a strategy. It is what a company does when it has run out of legitimate options and needs to tell shareholders something. The backers who funded DC Super Heroes United in 2024 and are still waiting for their games are watching the company that owes them $4.4 million spend $2.1 million on a blockchain startup.

Do you have outstanding CMON campaigns, and has this news changed your confidence in receiving them? Let us know in the comments.

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