BytePlus, the enterprise technology division of ByteDance, the parent company of TikTok, has made a significant move into the Web3 space through a strategic partnership with Mysten Labs, the creators of the Sui layer-1 blockchain.
In a statement released on April 17, BytePlus outlined its plans to leverage its existing expertise in data warehousing to support the Sui ecosystem, with a specific focus on Web3 gaming and SocialFi projects.
As part of the partnership, BytePlus will integrate its advanced solutions, including ByteHouse, a cloud-native data warehouse, with Sui’s full-node data. This integration has the potential to enhance Sui’s analytics capabilities by enabling limitless scalability and real-time data processing, according to the announcement.
Mysten Labs will benefit from the high-performance and low-maintenance nature of ByteHouse, which could lead to faster data delivery for Sui network users.
Evan Cheng, the co-founder and CEO of Mysten Labs, expressed excitement about the partnership, stating that it has the potential to revolutionize data analytics in the Web3 sector.
Li Long, the general manager MEA of BytePlus, explained that the decision to enter the Web3 space was driven by the observation of emerging trends in social and gaming platforms built on blockchain and web3. The goal is to enhance the web3 social experience, foster close-knit communities, and create more immersive engagements.
This move into Web3 is not the first for ByteDance. In 2019, the company launched a joint venture with a state-owned Chinese media group to explore blockchain and AI. Additionally, in June 2020, ByteDance pursued a virtual banking license in Singapore as part of its entry into the digital finance industry.
On the other hand, Sui is a relatively new layer-1 network introduced by Mysten Labs in March 2022. However, development within the ecosystem has accelerated significantly in recent months through various partnerships. For instance, in February, the Sui Foundation partnered with a university in the United Arab Emirates to establish a blockchain academy. Shortly after, it was announced that the Greek stock exchange, ATHEX, would utilize the Sui blockchain ecosystem for its new fundraising mechanism.
In conclusion, BytePlus’s partnership with Mysten Labs marks a significant step into the Web3 space, leveraging BytePlus’s data warehousing expertise to support the Sui ecosystem. This move aligns with ByteDance’s previous explorations of Web3 technology and reflects the growing interest and development within the Web3 sector.