In Brief:
- Moonveil’s Imminent Closure: Moonveil, a web3 gaming studio, is shutting down due to tough market conditions, with operations ceasing gradually over the upcoming weeks.
- Notable Contributions: Founded in 2022, Moonveil developed games like AstrArk and Bushwhack, creating a significant impact within its four-year lifespan.
- Industry Challenges: This closure reflects widespread difficulties faced by GameFi and the broader gaming market.
Moonveil Announces Gradual Shutdown
Moonveil has made the difficult decision to gradually end its operations in the coming weeks, pointing to the dire state of the GameFi sector and the gaming industry at large. Despite persistent efforts in fundraising and searching for viable partnerships, the studio found no feasible route to continue operation under the current adverse market conditions. The studio communicated its cessation plan through a poignant statement, emphasizing the profound regret of ending a journey that spanned four impactful years.
“Today, after a great deal of consideration, we are announcing the decision to wind down Moonveil and gradually discontinue project operations over the coming weeks.”
Decisive Market Conditions
The decision comes after a significant downturn in the industry over the past two years, where interest and investment in gaming have notably declined. This shift has posed insurmountable challenges to startup studios like Moonveil, overshadowing any internal company issues. Moonveil observed a consistent deterioration in market conditions, ultimately dictating the closure.
Details of the Wind-Down Process
Moonveil plans a measured cessation of their operations, community engagement, and services. The studio noted that its website and social media channels might also be phased out during this period. While they will continue to handle project inquiries, the response times may be slower. The studio has not specified an exact date for complete shutdown, opting for a phased closure to accommodate stakeholders such as $MORE token holders and node operators, though detailed arrangements have not been disclosed.
Moonveil’s Legacy: From AstrArk to Bushwhack
During its operation, Moonveil launched the flagship game AstrArk in February 2025, which reached over 2 million unique active wallets and facilitated more than 48,000 PvP battles. Their subsequent game, Bushwhack, a stealth-based battle royale, also caught attention during its initial playtest in October 2025. Additionally, the studio established a Mini Games Hub and introduced Moonveil Punch, a third-party publishing initiative aimed at nurturing developer involvement in the ecosystem.
Technological Innovations and Financial Endeavors
Moonveil also developed a Layer 2 chain based on ZK-technology, utilizing the Polygon CDK. This innovation was designed to unify gaming identities and streamline player reward systems across different games. Moreover, Moonveil’s funding initiatives amassed significant capital: $5.4 million in 2023, a $9 million Pre-Series A round, and an additional $5 million to expand the ecosystem and support the $MORE token which was featured on exchanges like KuCoin and Bitget.
Broader Implications for Web3 Gaming
The shutdown of Moonveil highlights a broader trend of diminishing capital flow and sustainability challenges in the on-chain gaming sector. While some studios continue to flourish, particularly those with robust NFT communities or stable partnerships, others face shutdowns and pivots. Moonveil’s end reflects these turbulent times, marking a significant but unfortunate milestone in the evolving landscape of web3 gaming. The Moonveil team remains proud of its achievements and the relationships built over its operation, as it prepares for a final, gradual exit from the industry.