Animoca Brands’ digital asset advisory business grows 116% in 2024, advising projects including PENGU

Animoca Brands, a Hong Kong-based web3 software and venture capital firm, saw its digital asset advisory (DAA) business experience 116% year-over-year growth in 2024's fiscal year.

Animoca's DAA business provides web3 projects with assistance with tokenomics, marketing, listing advisory and other services. It served 21 projects in 2024, including PENGU. In addition, Animoca's DAA business comprised $165 million out of the $314 million bookings the firm logged that year, according to an investor update shared with The Block.

The performance of Animoca's DAA business suggests more firms sought tokenomic advisory services in 2024, a year notable for new token launches, compared to the year prior. Animoca noted $77 million in its DAA business in the fiscal year of 2023.

The NFT brand Pudgy Penguin launched its token PENGU on Dec. 17, 2024, after teasing the token nearly two weeks earlier. PENGU has a total supply of 88,888,888,888 tokens, with nearly 26% allocated for the community.

Along with $165 million from its DAA business, Animoca Brands' subsidiaries and incubated projects booked $110 million and its investment activity recorded $39 million bookings, its investor update continues.