Animoca Expands Headquarters with a Workspace Equivalent to 10 Tennis Courts as Hong Kong Firms Downsize
Amidst the reduction of office space among traditional financial firms in Hong Kong, Animoca is leveraging the renter’s market to reinforce its commitment to the city as a global hub for Web3 and digital culture.
While traditional finance companies in Hong Kong are cutting back on office space, Animoca is taking advantage of the rental market to expand its headquarters. Hong Kong is deeply ingrained in Animoca’s identity, and despite considering leaving during the COVID-19 pandemic, the company ultimately decided to stay.
Hong Kong is experiencing the effects of a slowing mainland Chinese economy, leading its financial sector and professional service firms to reduce their real estate footprints in response to declining demand. In contrast, Animoca Brands, known for its NFTs and GameFi verticals, has recently opened a new 28,000-square-foot office (approximately 2,601 square meters) spread over two floors in a burgeoning tech district on the southern side of Hong Kong Island. This space is about ten times the size of a tennis court.
Evan Auyang, President of Animoca Brands, stated during an interview with CoinDesk, “We have expanded from 7,500 square feet to 28,000 square feet. It’s a renter’s market right now in Hong Kong, and we saw this as the perfect opportunity to create a collaborative space not just for us but for other companies in our portfolio.”
While the cryptocurrency sector is experiencing a bullish market, Animoca faced challenges in 2023, similar to the rest of the crypto industry, with layoffs and a reduction in the target size of its metaverse fund from $2 billion to $800 million. Auyang remarked, “As a company, we must experiment and accept failure as part of the process,” adding that Animoca has pivoted multiple times throughout its brief history.
The company’s evolution is driven by a culture of experimentation and by bringing in talent that naturally pushes the company in new directions. One notable difference for Animoca, compared to other Web3 companies, is the level of experience within the organization. “Our executive team is fairly experienced. We are not young adults in our 20s; most of us are in our 40s and 50s,” Auyang noted. “We have been through a lot.”
Auyang emphasized the importance of government support in Animoca’s decision to remain in Hong Kong, describing it as “invaluable” and referencing a pivotal moment when the Financial Services and Treasury Bureau publicly announced its support for Web3 alongside Animoca’s CEO, Yat Siu.
“When the FSTB announced Hong Kong’s ambitions for Web3, they did so on stage with our CEO, Yat Siu. That level of partnership is unique,” he said.
Animoca believes Hong Kong’s unique creative energy, fueled by its rich heritage in film, music, and art, cannot be replicated elsewhere. Although the company could operate from anywhere, Auyang mentioned that during Hong Kong’s prolonged COVID-19 lockdowns, Animoca was on the verge of making tough decisions, but ultimately could not leave the city.
“During COVID, we thought about relocating. We could be anywhere,” Auyang said. “But ultimately, we were born here. Hong Kong is part of our DNA.”
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