Werewolf by Night, the Halloween special created by the MCU was released on Disney+. Basically, the story revolved around a bloodstone hunt. The Bloodstone family is an extremely renowned family of monster hunters. Following the death of Ulysses Bloodstone, the Bloodstone Artifact was now seeking a new owner. Therefore, the only way to decide who would get such a powerful artifact in their possession was through hunting. The stone was pressed on the back of a monster, Ted aka Man-Thing, and the hunters had to retrieve the stone. So what exactly are his powers?
Bloodstone from Werewolf by Night
Verussa uses Bloodstone in Werewolf by Night
The stone was used in Werewolf by Night by Verussa, who was Odysseus’ wife and Elsa Bloodstone’s stepmother. Here are the few powers we saw stone exhibit in the special. First, when the Blood Stone was attached to Ted aka Man-Thing’s back, it weakened him. Jack Russell says this after meeting Ted in the maze. The Bloodstone, if hit by a monster, will cause it to explode. Thus, the stone can detect who are monsters and who are not. The stone was later used by Verussa to force Jack Russel to transform into a werewolf. The stone can apparently transform any monster into its true form. Bloodstone was also used to generate energy blasts when Verussa attempted to fend off Werewolf.
His story in Marvel Comics

The Bloodstone carried by Elsa
The Bloodstone was also inspired by Marvel comics, as was the rest of Werewolf by Night’s concept. He was initially known as Bloodgem. It was then that he was still in possession of Ulysses Bloodstone. It first appeared in Marvel Presents #1 in 1975. It was designed by Marv Wolfman and Len Wein with writer John Warner and artist Mike Vosburg. The origin of the Bloodgem has been said to be cosmic in nature.
He found himself on Earth in prehistoric times. In fact, it is claimed to have evolved early humans and geared them towards the modern world by giving them heightened intelligence. It turns out that the Bloodstone was actually created by the Exo-Mind. The Exo-Mind were a race of aliens who wanted to take over the world. Eventually it was claimed by Ulysses Bloodstone who passes it on to his daughter Elsa.
What are his powers?

Ulysses Bloodstone Battles the Alien in Marvel Comics
When Odysseus found the Bloodstone, it gave him increased strength and stamina and extended his ability to detect monsters. This ability was like a sixth sense or ESP. He also gave her the gift of immortality. This allowed him to survive for thousands of years as a monster hunter. In addition, the stone gave its increased resistance to natural elements. The stone attached itself to Odysseus’ chest and killed the rest of his tribe. Using this stone, he became a monster hunter and went after the alien who wanted the blood stone for himself.
The stone in Werewolf by Night
As seen in the special, Werewolf by Night, the Bloodstone could be used to transform and control monsters. The stone was meant to be a vessel for Hellfire Helix and contained magical energies. It could absorb the energies of living beings and give its user the ability to draw energy from stone. The stone was said to have enormous powers. Virtually none of his powers were explored in Werewolf by Night. Now that Elsa Bloodstone is in possession of the stone, we hope to see a lot more of what she can really do.