BytePlus, the technological wing of TikTok’s owner ByteDance, has entered into a prolonged collaboration with Mysten Labs, the innovators behind the Sui blockchain’s foundational layer.
On April 17, BytePlus announced its plans to leverage its expertise in AI and data storage to revolutionize the way web3 games and SocialFi projects operate within the Sui ecosystem. Following this collaboration, both companies will have access to each other’s groundbreaking offerings such as ByteHouse and Sui’s full-node data.
🚧EXCITING NEWS: BytePlus, the business tech division of ByteDance, owner of TikTok, is joining Sui!
— Sui (@SuiNetwork) April 17, 2024
BytePlus ‘TikToking’ into Web3
After the announcement of BytePlus’s new collaboration, it becomes clear that BytePlus is now making its debut in the Web3 realm. The company’s advanced AI technology is expected to enhance Sui’s analytical capabilities significantly. This upgrade could result in limitless scalability and real-time data processing, as suggested in the press release.
Using BytePlus’s integration, Mysten Labs can gain access to ByteHouse – BytePlus’s advanced, cloud-based data warehouse solution. This collaboration could enhance the user experience for Mysten Labs and contribute significantly to the prosperity of Web3 games and SocialFi projects.
Evan Cheng, the co-founder and CEO of Mysten Labs, expressed optimism regarding the new partnership. According to him, this collaboration could significantly enhance the user experience in Web3 gaming platforms and SocialFi projects. He strongly believed that incorporating AI and visual tools into Sui would represent a significant advancement in Web3 data analytics.
“Adding advanced AI suggestions and visual technologies to Sui represents a significant step forward in improving user experiences in Web3 games and SocialFi projects,” he shared.
ByteDance Continues Exploration of Web3
ByteDance’s foray into Web3 isn’t their initial exploration of blockchain tech. Back in 2019, they collaborated with a Chinese government-owned media organization to establish specialized business divisions focusing on both blockchain and AI technologies.
Furthermore, ByteDance’s application for a virtual banking license in Singapore during June 2020 can be seen as evidence of its engagement with the digital finance and blockchain tech sectors.
In just a few months since its launch in March 2022, Mysten Labs’ Sui has gained significant traction and popularity within the blockchain community. The most recent collaboration with BytePlus is part of an ongoing effort to expand Sui’s influence and capabilities.
Web3 Gaming Investments in 2024
In the year 2024, a substantial amount of investment has been poured into Web3 gaming projects. Notably, three entities, including Australian venture capital firm King River Capital, blockchain game company Immutable, and Polygon Labs, declared their intent to launch a $100 million fund for gaming in March.
In alignment with this trend, Andreessen Horowitz (a16z) – a renowned venture capital firm based in Silicon Valley founded by Marc Andreessen and Ben Horowitz – announced their plan to invest approximately $30 million in gaming startups during the current year.
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2024-04-17 19:40