- Moonveil Entertainment has emerged from stealth with $5.4M funding for blockchain-based games.
- Gumi Cryptos Capital and Arcane Group with participation from Longhash, IOSG and Infinity Ventures Crypto.
- The Web3 gaming studio is led by industry veterans from Tencent and Riot Games.
Moonveil Entertainment has emerged from stealth with a $5.4 million seed round co-led by Gumi Cryptos Capital and Arcane Group. The fundraising also attracted participation from Longhash, IOSG and Infinity Ventures Crypto.
According to the announcement, Moonveil will use the fresh funding to accelerate the development of its blockchain-based games, Astrark, an immersive tower defence mobile game, and Project B, a multiplayer strategy game.
The Web3 games studio is led by industry veterans from Chinese entertainment giant Tencent and US video game company Riot Games.
Commenting on the fundraising on Friday, Moonveil wrote in a statement: “For gamers, we advocate for a pure meritocracy approach where they can always have the freedom to choose the games they want to play, without being restricted by platforms, channels, or equipment requirements.”
This fundraising comes barely a year after the company was founded and in the midst of a crypto winter. Web3 startup funding has been in decline for the past seven quarters according to a TechCrunch report published earlier this month.
However, the segment has been one of the most attractive to venture capital investors, according to DappRadar. In Q3 blockchain gaming projects raised $600 million, for a total of $2.3 billion this year.
Blockchain games have switched focus from rewarding users only based on staked tokens to rewarding their overall contributions to the community. Moonveil is adopting the same concept for the player economy.
“This contribution will be meticulously tracked alongside their identity in a flexible, composable, and immutable manner, accommodating various preferences, be it spending, grinding, or promoting. This is where we see tokenomics and NFTs playing pivotal roles in a player’s journey,” the company added.
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