Friday Beyond Spotlights is an all-new and all-star English talk show aired every Friday at 8:30 pm on Hong Kong International Business Channel (#76). The light-hearted and informative programme, hosted by Mr Patrick Tsang On-yip and Mr Nick Chan Hiu-fung, invites leading minds and game changers in Hong Kong to share their views and insights on topical issues, and their experience in grasping opportunities and tackling challenges
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The tenth episode, hosted by Mr Chan, features Mr Evan Auyang, Group President of Animoca Brands. He comments on the strengths of Hong Kong as a vibrant breeding ground for unicorn companies and elucidates how Animoca Brands is leading change in the areas of digital entertainment, blockchain, and gamification. He also reveals the people, the philosophies, and the habits that makes him who he is today.
The nurturing nest for unicorns
Hong Kong’s fast-growing and diverse startup ecosystem, Auyang notes, provides excellent conditions for the development of unicorn companies, which are startups with a valuation of more than US$1 billion. As the Group President of the Hong Kong-based blockchain unicorn startup Animoca Brands, Auyang is committed to staying in Hong Kong as it is not only a fantastic place to live, but also to work and find capital. “Hong Kong’s open capitalist system allows the free flow of capital and attracts many venture capital and private equity firms to the city,” he observes. The internationalism of Hong Kong also enables companies to attract global talent, with Animoca Brands employing around 500 out of 600 of its staff from overseas. Combined with the development of the Greater Bay Area (GBA), entrepreneurs in Hong Kong will be able to benefit from larger markets and talent pools. Indeed, over 43 unicorns with a collective value of over US$1 trillion have been raised to date by cities in the GBA.
Within Hong Kong, Auyang highlights how Cyberport offers a good startup network and a vibrant tech ecosystem, all of which are conducive to the development of Animoca Brands. He adds that the management and staff of Cyberport have also played a crucial role in introducing the company to potential partners and funders.
Animoca Brands – a game-changer in digital entertainment
Animoca Brands achieved unicorn status last year and has rapidly developed into a US$5 billion company with over 2,500 investors since then. By incorporating blockchain and Non-fungible Tokens (NFT) technology into gaming, Animoca Brands is leading the transformation from free-to-play to play-to-earn games. “In contrast to traditional free-to-play games, where players do not own their in-game currency and assets, play-to-earn games allows players to own, take out, and sell all these assets on a permissionless basis. This makes a very, very big difference to the evolution of gaming,” explains Auyang. “We are enabling digitisation through ownership of creativity. With free composability, people can sell whatever they create and help generate positive experiences for the community.”
He is confident in the future of blockchain technology in gaming and the potential of Animoca Brands: “The gaming market is valued at US$180 billion right now with around 3.2 billion gamers. Yet, there are only about 80 million crypto wallets, which means that there is a lot of penetration to be had as we discover and further develop in that space.”
For international businesses looking to tap into the growing opportunities involving NFT, Auyang points out that there are two paths to do so. “One is for companies to mint their own NFT and create their own walled gardens of experiences, though this is not something we believe in. Another path is through open Web 3.0. Companies participate in metaverses, engage their brand with a slightly different audience, and create beyond what their brand essence is today. This allows companies to evolve into something greater using the power of imagination.”
A tale of continuous learning, curiosity, and diligence
Auyang’s own career has traversed a wide range of industries, including finance, management consulting, public transport, expert networking, and technology. Yet, underpinning his achievements in each role is his pursuit of continuous learning, curiosity, and diligence. Holding up his first notebook from when he first started working, Auyang reveals that he maintains the habit of notetaking as it exercises his mind and brain. “Every single day, even if there are no meetings, I write down the things I have to learn so I can set learning goals for myself and give myself feedback.”
“At the back of each notebook, I write down quotes containing important philosophies and wisdom that I hope to internalise,” he continues. “They remind me of who I am and inform how I live and conduct business.” One of the quotes from Helen Keller, for example, reminds him of the importance of optimism and courage in discovery – a theme particularly pertinent to his work of advancing the technological field. His approach to business is also informed by a quote from John Wooden. “I believe that business is about doing things for others without asking for anything in return. This core philosophy is what sets Animoca Brands apart – our aim is not to create quick profit, but to create valuable experiences that the community can treasure and benefit from,” he states.
Figures of inspiration
As he reflects on his personal and professional life, Auyang expresses gratitude toward two of his most influential mentors. “The first mentor was my mum. She was the first person to teach me how lucky I am to have access to good education and a supportive family. Hence, rather than focusing on myself, she encouraged me to consider my role in society and how I can contribute to the community. Although she passed away in 2010, her philosophy lives within me, serving as the basis of how I operate in the business world,” he explains.
Another important mentor to Auyang is Caroline Van, his boss in his first job at Bankers Trust. “I found her idealism particularly inspiring, especially in the world of business where people are very calculating and pragmatic about earning money,” he notes. “While there is nothing wrong with focusing on money, she made me realise that success is based on how courageous you are in holding onto your ideals, doing the right thing, and trying to shape the world the way you would like it to be.”
Auyang encourages the younger generation to dedicate themselves to something they truly believe in and be diligent in preparing for their goals. “Be true to your beliefs and if you really believe in that one thing, go after it. This is how I came to realise my own success,” he concludes.
To watch the video, visit Friday Everyday YouTube Channel – Friday Beyond Spotlights Ep.10 l Mr Evan Auyang
