This move by ByteDance into Web3 is not the first instance where the company has explored blockchain technology. BytePlus, the technological division of TikTok’s parent company ByteDance, has revealed a long-term collaboration with Mysten Labs, the developer behind the Sui layer-1 blockchain. BytePlus, leveraging its expertise in AI and data storage, aims to revolutionize the functionality of web3 games and SocialFi projects within the Sui ecosystem. Through this partnership, both companies can leverage innovative solutions such as ByteHouse and Sui’s full-node data.
The recent announcement by BytePlus entering the Web3 realm signifies a significant step for the company. By integrating BytePlus’s AI capabilities, Sui stands to enhance its analytical capacity, enabling limitless scalability and real-time data processing. Furthermore, Mysten Labs can leverage BytePlus’s cloud-native data warehouse, ByteHouse, potentially enhancing user experiences and fostering success in Web3 games and SocialFi projects.
Evan Cheng, the CEO of Mysten Labs, expressed optimism about the collaboration, highlighting the potential enhancements in user experiences across Web3 gaming platforms and SocialFi projects. He emphasized the importance of incorporating AI and visual tools into Sui, marking a substantial advancement in Web3 data analytics.
ByteDance’s venture into Web3 is not a novel exploration, as evidenced by its previous engagements with blockchain technology. In 2019, ByteDance partnered with a Chinese government-owned media entity to establish industry-specific units dedicated to blockchain and AI. Moreover, ByteDance’s pursuit of a virtual banking license in Singapore in June 2020 underscored its interest in digital finance and blockchain technology.
Despite Sui’s recent launch in March 2022, the platform has rapidly gained popularity within the blockchain community. The collaboration between Sui and BytePlus represents the latest effort to expand Sui’s capabilities and reach.
In 2024, significant investments have flowed into Web3 gaming projects. Three prominent entities – Australian venture capital firm King River Capital, blockchain game company Immutable, and Polygon Labs – jointly announced the establishment of a \(100 million gaming fund in March. Additionally, Andreessen Horowitz (a16z), a renowned Silicon Valley venture capital firm founded by Marc Andreessen and Ben Horowitz, disclosed plans to invest approximately \)30 million in gaming startups this year.
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