BytePlus, the enterprise technology division of ByteDance, the parent company of TikTok, has announced its entry into the Web3 space through a strategic partnership with Mysten Labs, the developer of the Sui layer-1 blockchain.
As per the statement issued on April 17, BytePlus plans to leverage its expertise and experience in artificial intelligence (AI) and data warehousing to support the Sui ecosystem, specifically focusing on Web3 gaming and SocialFi projects.
Under this partnership, BytePlus will combine its advanced solutions, including ByteHouse, a cloud-native data warehouse, with Sui’s full-node data.
According to the announcement, integrating BytePlus could boost Sui’s analytics capabilities by enabling infinite scalability and real-time data processing.
Mysten Labs, on the other hand, will benefit from ByteHouse’s high-performance, low-maintenance properties, which could ultimately accelerate data delivery for users on the Sui network.
Evan Cheng, the co-founder and CEO of Mysten Labs, said the partnership could “revolutionize” data analytics in the Web3 sphere.
“Integrating cutting-edge AI and visual algorithms into Sui signifies a leap forward for user experience within Web3 gaming platforms and SocialFi projects.”
ByteDance has been interested in exploring Web3 technology for a while now. In 2019, the company established a joint venture with a state-owned Chinese media group to develop business arms focused on blockchain and AI.
In June 2020, ByteDance applied for a virtual banking license in Singapore to enter the digital finance scene.
On the other hand, Sui is a newer layer-1 network that Mysten Labs introduced in March 2022. However, the ecosystem has rapidly developed in recent months with various new partnerships.
In February, the Sui Foundation partnered with a university in the United Arab Emirates to launch a blockchain academy. A month later, it was revealed that the Greek stock exchange ATHEX would use Sui’s blockchain ecosystem for its new fundraising mechanism.