As firms in Hong Kong's traditional financial sector downsize, Animoca Brands is expanding its headquarters, a move interpreted as a strong endorsement of the city’s relevance in the evolving Web3 landscape.

Animoca has just opened a new office measuring 28,000 square feet, approximately the size of ten tennis courts, in a rising tech district in Hong Kong. This stands in stark contrast to local law firms and banks reducing their office space in response to a slower economic climate.

Evan Auyang, the president of Animoca, remarked, "We went 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 time to create a collaborative space not just for us but for other companies in our portfolio."

Despite challenges faced across the crypto industry, Animoca continues to grow. The decision to remain in Hong Kong is also influenced by support from local government, as highlighted when the Financial Services and Treasury Bureau publicly endorsed Web3 initiatives alongside CEO Yat Siu.

Hong Kong’s unique blend of cultural vibrancy and its historical significance in sectors like film and music is touted as irreplaceable by Animoca, solidifying their commitment to stay despite considering relocation during the pandemic.