Animoca Brands, a leading Web3 company known for its NFTs and GameFi verticals, is defying the downsizing trend in Hong Kong’s traditional financial sector. While banks and professional services firms in the city are reducing their real estate footprint due to slowing demand, Animoca is expanding its workspace. The company recently opened a new 28,000 square-foot office in an up-and-coming tech district on the south side of Hong Kong island, which is about 10 times the size of a tennis court.
Evan Auyang, the president of Animoca Brands, shared that the decision to increase their office space was driven by the current renter’s market in Hong Kong. This presented an opportunity for the company to create a collaborative space not only for its own team but also for other companies in its portfolio. Despite facing challenges in 2023, including layoffs and reducing the size of its metaverse fund, Animoca remains committed to experimentation and evolution.
One unique aspect of Animoca is the experience of its executive team, with most members being in their 40s and 50s, bringing a wealth of knowledge and expertise to the company. Auyang emphasized the importance of government support in their decision to stay in Hong Kong, particularly highlighting the backing of the Financial Services and Treasury Bureau for Web3 initiatives.
While the company could operate from anywhere, Auyang expressed that Hong Kong’s creative energy and cultural heritage are irreplaceable. Even during the COVID-19 lockdowns, which prompted considerations of relocation, Animoca’s roots in Hong Kong proved to be a deciding factor in staying in the city.
The company’s resilience and commitment to innovation are evident in its continuous evolution and willingness to embrace change. As the cryptocurrency industry experiences fluctuations, Animoca remains steadfast in its mission to drive forward in the dynamic landscape of Web3 technologies.
Overall, Animoca’s expansion in Hong Kong reflects its confidence in the city’s potential as a hub for innovation and growth in the digital asset space. By leveraging its experienced team, government support, and creative environment, Animoca Brands is poised to make significant strides in the evolving world of Web3 technologies.