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Hong Kong-based blockchain gaming and venture capital firm Animoca Brands has revealed a positive set of financial results in a recently published report.  In an investor update published to its website on March 5, the firm revealed key unaudited financials and business highlights for Q4 2024 and the previous 12 months ending on Dec. 31, 2024. Whereas other sectors report actual revenue figures, the gaming sector relies upon “bookings,” a measure of total sales and income generating activity of the company. The firm reported bookings of $314 million for last year. Compared with 2023, when Animoca reported bookings of $280 million, the firm has achieved a year-on-year increase of 12%.Photo by Lukas on PexelsAdvisory business growthThe company broke that financial measure down further, indicating that of the $314 million in sales and other income-generating activity, its Digital Asset Advisory (DAA) business accounted for $165 million of the overall amount. This disclosure is notable given that it represents a 116% increase, demonstrating a considerable growth in the firm’s advisory business and a diversification of its revenue streams. Animoca’s DAA business offers Web3 projects access to token advisory, and more specifically, consultation regarding tokenomics, marketing and listing. The business also consults in relation to node operation and trading services. Given that the company reported that bookings related to Web3 businesses weighed in at $110 million, Animoca’s advisory business has overtaken the contribution made by its Web3 businesses.  Contributing Web3 businessesAmong the Web3 businesses that made the greatest contributions were The Sandbox, Moca Network, Anichess, Gamee, nWay, Open Campus, TinyTap, Animoca Brands Japan, Eden Games, Blowfish Studios, Pixowl and Crazy Defense Heroes (TOWER). Bookings also included revenue generated via portfolio investments and partnerships. The company recorded $39 million, achieved through investment activities. In discussion with Cointelegraph, Animoca Brands co-founder and executive chairman, Yat Siu, said that the positive bookings numbers were a consequence of the firm’s ongoing efforts to innovate. He stated: “In 2024, we placed less emphasis on the US market, owing to various regulatory struggles experienced by other companies, and we also became more focused on providing support to the companies in our portfolio.” Animoca’s balance sheet holdings were robust in 2024, with $293 million in stablecoins and cash and $538 million in digital assets. Additionally, $538 million in off-balance sheet token reserves was reported. Stablecoin initiativeThe firm has developed a particular interest in the stablecoin sector through a partnership with British multinational financial services firm Standard Chartered and telecommunications firm HKT. That initiative involves the formation of a joint venture company which will go forward to issue a Hong Kong dollar (HKD)-backed stablecoin once a license has been secured from the Hong Kong Monetary Authority (HKMA). Siu identified real-world asset (RWA) tokenization as another growth area for the company. The Animoca Brands co-founder outlined that he expects the firm to record further growth as 2025 progresses. Notwithstanding that, he warned that such expectations may be affected by adverse economic developments and risks, including the tariffs policy being pursued by U.S. President Donald Trump. 

The blockchain gaming realm witnessed another milestone moment as "Heroes of Mavia," the mobile gaming sensation backed by Vietnam-based Skrice Studios, set the stage for a token airdrop on Tuesday, according to an announcement by the studio. Top free mobile game on AndroidJust days since its launch on both Apple and Android platforms, "Heroes of Mavia" has surged past the milestone of 1 million downloads, with an impressive 230,000 daily active users already immersed in its captivating world. Garnering acclaim as the top free mobile game on Android devices in China and dominating the Google Play store charts in Nigeria, the game's ascent continues with high rankings in Poland, Finland and Canada on Apple's App Store, according to Skrice Studios. While the quest to propel blockchain gaming into the mainstream remains a formidable challenge, "Heroes of Mavia" is already carving a path to success. Joining the ranks of ambitious gaming ventures vying for mainstream acclaim, including "Star Atlas," "Illuvium" and "Shrapnel," its promising trajectory is marked by its early triumphs.Photo by LinkedIn Sales Navigator on Pexels100,000 benefit from airdropA grand total of 100,000 players have earned eligibility for today's token airdrop of the MAVIA token, with a generous allocation of up to 6,250,000 tokens available for claim, representing 2.5% of the total token supply of 250 million. With a valuation soaring to $100 million, Skrice Studios stands as a testament to its remarkable growth since its last funding round two years ago, which saw an infusion of $2.5 million led by Crypto.com Capital. The studio's ascent was further fueled by a $5.5 million seed round in 2021 spearheaded by Binance Labs. In total, Skrice Studios has amassed $9 million in funding, as disclosed in its latest statement. The studio's enduring appeal has attracted notable venture capital firms keen on blockchain gaming, evidenced by its seed round in January 2022. Led by Binance Labs, that round also saw participation from esteemed investors such as Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research and Animoca Brands, among others. In a strategic move to ensure the sustainability and vitality of its in-game economy, "Heroes of Mavia" officially enlisted in Machinations’ Game Economy Health Monitoring Service. The Machinations platform can be harnessed to design and predict game economies and systems for play-to-earn blockchain games. Drawing parallels to the iconic Clash of Clans, "Heroes of Mavia," captivates players with its strategic depth, emphasizing base building, resource management and immersive tactical combat. The highly anticipated "Heroes of Mavia" token commenced trading at 7 a.m. ET on Tuesday on major exchanges such as Bybit, KuCoin and HTX, debuting with a unit price of $1.83. As of the latest update, the token is trading at $3.62, signaling a promising start to its trading journey. Blockchain gaming emerged through projects such as Axie Infinity, developed by Vietnam’s Sky Mavis. Engaging gameplay didn’t factor in the first play-to-earn iteration. However, through projects like Heroes of Mavia, 2024 could prove to be very different. 

Hong Kong regulator, the Securities and Futures Commission (SFC), which oversees Hong Kong’s securities and futures markets, is understood to be planning to give the go-ahead for crypto derivative products to be offered to professional investors within the Chinese autonomous territory. Chinese English-language newspaper China Daily reported on June 4 that the proposed move forms part of Hong Kong’s efforts to expand its digital assets-related product offering in order to further bolster its position as a leading regional hub for the sector. Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, told the publication that the SFC will open up crypto derivatives trading to professional investors in the city “in an orderly, transparent and secure manner.”Photo by Florian Wehde on UnsplashBoosting liquidity to spot marketsChina Daily claimed that the SFC outlined that the crypto derivatives product will enable efficient risk transfers, while boosting the liquidity of the underlying spot markets. TokenInsight data suggests that the global crypto derivatives market has reached $21 trillion in trading volume over the course of Q1 2025. By comparison, derivatives trading dwarfs spot trading, given that spot trading weighed in at just $4.6 trillion over the same period. Liquidity in the underlying spot markets can be enhanced by a broadening of crypto derivatives product offerings in instances where digital assets are traded for immediate payment and delivery. Their availability will also appeal to professional traders and investors who need access to derivatives as part of their overall strategies in order to hedge positions and add leverage when required. Industry interestReaction to news of the Hong Kong SFC’s plans has largely been positive. Back in February, Jean-David Péquignot, chief commercial officer (CCO) with the world’s largest crypto derivatives exchange Deribit, told the South China Morning Post that opening up availability of crypto derivatives products was the one item missing from Hong Kong’s push towards development as a hub for the digital assets sector. At the time, he stated:“Hong Kong is this central financial hub in the world and a big one in Asia. If regulators can solve the derivatives piece, it is a place where we love to be.” On that basis, Péquignot suggested that Deribit, headquartered in Dubai, would be interested in establishing itself in Hong Kong, suggesting that “Asia is a big market for derivatives.” He added:“We want to be in Asia. We just need to find the right place and time to engage with regulators and get a regulatory framework to work with.” The company’s acquisition by Coinbase was announced last month for $2.9 billion. Regulatory approach questionedWhile many see the move towards the approval of crypto derivatives in Hong Kong as bullish, not everyone perceives the regulator’s approach in this instance to be positive. Pseudonymous crypto trader “Pickle Cat” outlined on X that “opening crypto derivatives only to 'professional investors' isn’t progress.”  The trader points out that good regulation would concentrate on controlling issuance and not circulation. Suggesting that the SFC has missed the point in its approach, the trader claims that the regulator would serve the crypto derivatives market best by verifying what backs such products while not restricting how such tokens move.