TikTok parent company explores on-chain possibilities for Web3 gaming and AI
BytePlus — the enterprise technology arm of ByteDance, TikTok’s parent company — has announced a move into Web3 through a strategic partnership with Mysten Labs, the developers behind the Sui layer-1 blockchain.
In a statement on April 17, BytePlus explained how it plans to use its existing knowledge and experience in artificial intelligence (AI) and data warehousing to empower the Sui ecosystem, with a particular focus on Web3 gaming and SocialFi projects.
The partnership will see BytePlus integrate its cutting-edge solutions, including ByteHouse — a cloud-native data warehouse — with Sui’s full-node data.
According to the announcement, a BytePlus integration could potentially boost Sui’s analytics capabilities by enabling infinite scalability and real-time data processing.
Mysten Labs will benefit from the high-performance, low-maintenance nature of ByteHouse, 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."
Cointelegraph has reached out to ByteDance for additional information on its move into Web3.
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This is not the first instance of ByteDance exploring Web3 technology. In 2019, it was reported that the company launched a joint venture with a state-owned Chinese media group to develop business arms directed at blockchain and AI.
In June 2020, ByteDance sought out a virtual banking license in Singapore in an effort to enter the digital finance scene.
Sui, on the other hand, is a newer layer-1 network introduced by Mysten Labs in March 2022. However, development in the ecosystem has greatly accelerated over the last few months with 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 deploy its new fundraising mechanism via the Sui blockchain ecosystem.
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