BytePlus, the enterprise technology arm of ByteDance, the parent company of TikTok, has announced its foray into Web3 through a strategic partnership with Mysten Labs, the developers of the Sui layer-1 blockchain. This partnership aims to leverage BytePlus’ expertise in artificial intelligence (AI) and data warehousing to enhance the Sui ecosystem, with a specific focus on Web3 gaming and SocialFi projects. By integrating its advanced solutions like ByteHouse, a cloud-native data warehouse, with Sui’s full-node data, BytePlus can potentially enhance Sui’s analytics capabilities by enabling infinite scalability and real-time data processing.
The partnership also benefits Mysten Labs by leveraging the high-performance and low-maintenance nature of ByteHouse, which can accelerate data delivery for users on the Sui network. Evan Cheng, the co-founder and CEO of Mysten Labs, believes that this collaboration has the potential to revolutionize data analytics in the Web3 sector, particularly in Web3 gaming platforms and SocialFi projects.
ByteDance has previously demonstrated its interest in Web3 technology. In 2019, the company launched a joint venture with a state-owned Chinese media group to explore business opportunities in blockchain and AI. In June 2020, ByteDance applied for a virtual banking license in Singapore, indicating its intention to enter the digital finance scene. This recent move into Web3 further solidifies ByteDance’s commitment to exploring and adopting innovative technologies.
Sui is a relatively new layer-1 network introduced by Mysten Labs in March 2022. The ecosystem has been rapidly developing with notable partnerships. In February, the Sui Foundation collaborated with a university in the United Arab Emirates to establish a blockchain academy. A month later, the Greek stock exchange, ATHEX, announced its adoption of Sui’s blockchain ecosystem for its new fundraising mechanism.
By teaming up with Mysten Labs, BytePlus aims to leverage its expertise and experience in AI and data warehousing to contribute to the growth and development of the Sui ecosystem. This partnership exemplifies the increasing interest and involvement of prominent companies in the Web3 space, signifying the potential and significance of decentralized technologies in various industries. As ByteDance explores the possibilities of Web3, it will be interesting to see how this collaboration shapes the future of data analytics and user experience in Web3 gaming and SocialFi projects.
This collaboration between BytePlus and Mysten Labs is a game-changer! By integrating BytePlus’ cloud-native data warehouse with Sui’s blockchain, they’re revolutionizing data delivery and analytics in the Web3 sector. Great things are coming!
Mysten Labs must be desperate to partner with BytePlus. 😂
BytePlus leveraging its AI and data warehousing expertise to contribute to the growth of the Sui ecosystem is a brilliant move! 🙌 This collaboration highlights the increasing interest and involvement of major companies in the Web3 space. Amazing things are on the horizon! 🚀
This partnership between BytePlus and Mysten Labs demonstrates the potential and significance of decentralized technologies in various industries. 🌐 It’s great to see ByteDance exploring the possibilities of Web3 and pushing boundaries in AI and data analytics. Thrilled for what’s to come! 🌟
ByteDance just wants to be seen as innovative, but this partnership won’t change anything.
I don’t buy into this hype. BytePlus and Mysten Labs are just trying to stay relevant in the Web3 space.
This partnership sounds like a desperate attempt to attract attention. 🙅♂️