BytePlus, the enterprise technology arm of ByteDance, the parent company of TikTok, has made an exciting move into Web3 with a strategic partnership with Mysten Labs, the developers behind the Sui layer-1 blockchain. This partnership aims to leverage BytePlus’ expertise in artificial intelligence (AI) and data warehousing to empower the Sui ecosystem, specifically focusing on Web3 gaming and SocialFi projects.
By integrating its advanced solutions, such as ByteHouse, a cloud-native data warehouse, with Sui’s full-node data, BytePlus hopes to enhance Sui’s analytics capabilities by offering infinite scalability and real-time data processing.
Mysten Labs will greatly benefit from ByteHouse’s high-performance and low-maintenance nature, as it will accelerate data delivery for users on the Sui network. Evan Cheng, the co-founder and CEO of Mysten Labs, believes that this partnership has the potential to revolutionize data analytics in the Web3 sphere.
ByteDance has shown interest in Web3 technology before. In 2019, it formed a joint venture with a state-owned Chinese media group to develop blockchain and AI business arms. Additionally, in June 2020, ByteDance pursued a virtual banking license in Singapore to enter the digital finance scene.
On the other hand, Sui is a relatively new layer-1 network introduced by Mysten Labs in March 2022. However, the ecosystem has experienced rapid development in recent months through various partnerships. For instance, the Sui Foundation collaborated with a university in the United Arab Emirates to establish a blockchain academy in February. The Greek stock exchange, ATHEX, also announced its intention to use the Sui blockchain ecosystem for its new fundraising mechanism in March.
ByteDance has been contacted for further information about its Web3 endeavors.