By
Chainwire
April 22nd, 2024
This move by ByteDance into Web3 is not the first time the company has looked into blockchain technology.
BytePlus, which is the tech arm of TikTok’s parent ByteDance, has announced a long-term partnership with Mysten Labs, the company that developed the Sui layer-1 blockchain.
BytePlus stated on April 17 that it would use its experience with AI and data storage to transform how the Sui ecosystem’s web3 games and SocialFi projects function. As a result of this new partnership, the two companies will be free to tap into each other’s innovative solutions like ByteHouse and Sui’s full-node data.
🚨BREAKING: BytePlus, the enterprise technology arm of ByteDance (the company behind @TikTok_US), is coming to Sui! pic.twitter.com/GtutYyFI5X
— Sui (@SuiNetwork) April 17, 2024
BytePlus ‘TikToking’ into Web3
The new partnership signals BytePlus’s entry into the Web3 world after the news. BytePlus’s AI solution could improve Sui’s analytical abilities, leading to unlimited scalability and real-time data processing, according to the release.
With BytePlus’s integration, Mysten Labs could also benefit from ByteHouse, which is BytePlus’s cloud-native data warehouse. In this case, the integration might make the overall user experience better and help Web3 games and SocialFi projects become a greater success.
Evan Cheng, co-founder and CEO of Mysten Labs, was positive about the partnership and talked about how it might improve the user experience in Web3 gaming platforms and SocialFi projects. He stressed how important it was to add AI and visual tools to Sui, which would be a huge step forward in Web3 data analytics.
“Integrating cutting-edge AI recommendation and visual algorithms into Sui signifies a leap toward enhancing user experience within Web3 game platforms and SocialFi projects,” explained he.
ByteDance Continues Exploration of Web3
This move by ByteDance into Web3 is not the first time the company has looked into blockchain technology. In 2019, the company teamed up with a Chinese government-run media group to make industry-specific business units for blockchain and AI.
Additionally, ByteDance’s attempt to get a virtual banking license in Singapore in June 2020 could be viewed as a demonstration of its interest in digital finance and blockchain technology.
Although Mysten Labs only released Sui in March 2022, it has grown and become popular very quickly in the blockchain community. Sui’s present partnership with BytePlus is the latest in a string of partnerships that aim to increase his reach and abilities.
Web3 Gaming Investments in 2024
There has been a lot of money going into Web3 game projects in 2024. Three companies – Australian venture capital firm King River Capital, blockchain game company Immutable, and Polygon Labs – announced in March that they would be starting a $100 million gaming fund.
Following suit, Andreessen Horowitz (a16z), a well-known venture capital company in Silicon Valley that was started by Marc Andreessen and Ben Horowitz, said it would put around $30 million into gaming startups this year.
