Masthead Studios was founded in 2005 in Bulgaria and is a game-development studio focused on creating next-generation MMORPGs. Their first project, Earthrise, was released in February 2011 It was announced in April 2009 that they would be developing a Fallout universe-based MMORPG. The Earthrise MMORPG and Earthrise engine, was in development for six years. Along with that, the studio developed its own engine for MMORPG game. At the beginning of 2012 the ownership and management of the game was transferred to Silent Future, Germany for further development.
Masthead Studios is working on their cartoon style online shooter GUNS and ROBOTS. The game is offered in free-to-play format. Masthead Studios utilizes Unity engine to craft the graphics and atmosphere in the game. The open beta of the game was released on January, 2013. 
At the beginning of 2013 the studio started developing Jelly Tunes Castles for iOS. The game focuses on social gaming elements, humor and art visuals.The game was released in Apple Store on 9 July 2013.