Moonveil Ceases Operations Following Breakdown of GameFi Market

(AsiaGameHub) –   Moonveil is set to wind down its operations over the next few weeks, ending a four-year run in Web3 gaming. The company attributes the shutdown to scarce GameFi investment, a lack of viable partnerships, and a challenging environment for gaming startups.

Good to Know

• The shutdown will be phased, with no specific end date announced yet.
• Its primary game, AstrArk, attracted over 2 million unique active wallets and hosted 48,000 PvP battles.
• Full details on the wind-down process for $MORE token holders and node operators are still pending.

Moonveil informed its community of the choice, stating that ongoing efforts to secure funding and find partners did not yield a sustainable way forward.

Moonveil stated:

“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.”

The company positioned the closure as a result of external market factors, not internal issues. Over the last two years, investment has dwindled in GameFi, blockchain gaming, and the broader gaming startup sector, restricting smaller studios’ opportunities to obtain capital or expand their products.

AstrArk Bushwhack And $MORE Now Face A Slow Exit

Prior to its closure decision, Moonveil developed multiple games. Its flagship title, AstrArk, released in February 2025 and surpassed 2 million unique active wallets. It also logged more than 48,000 player-versus-player battles.

This was followed by Bushwhack, a stealth-based battle royale game that entered early playtesting in October 2025. The studio also launched a Mini Games Hub and Moonveil Punch, an initiative aimed at onboarding third-party developers to its ecosystem.

Infrastructure was another focus. Moonveil built a zero-knowledge-based Layer 2 chain with Polygon’s CDK, intending to link player identities and rewards across various games.

Financing was initially more robust. The studio garnered $5.4 million in 2023, followed by a $9 million Pre-Series A round and an additional $5 million for ecosystem development. Its $MORE token was also listed on exchanges such as KuCoin and Bitget.

Now, however, the company intends to gradually scale back community engagement, services, its website, and social media accounts. It noted that project inquiries will continue to be addressed, but responses may be delayed during the wind-down phase.

Moonveil has not provided comprehensive plans for $MORE token holders or node operators. These specifics are crucial for participants invested in the project via tokens, nodes, or gameplay.