YouTuber Panjanek has developed a 32 x 32 RGB LED matrix that can display GIFs, using WS2812B addressable LEDs and an ESP8266 microcontroller to control the display and communicate with it via a web interface that enables the upload of GIF files for display as an animation.
The microcontroller can also receive real-time animations over a network via UDP packets of bitmap data.
The resolution is that of the old Windows icon (32 x 32), and GIF is not the best format due to its 256 colour limitation, while the pixels are also not aligned correctly.
However, individual 8 x 8 WS2812 panels are very inexpensive and can be bought on AliExpress for less than $1 each, although the dot pitch is around 8.2mm.