Last updated:
April 17, 2024 10:00 EDT | 1 min read
Blockchain Sui, operating at Layer 1, has formed a strategic partnership with BytePlus, a subsidiary of ByteDance, the parent company of TikTok. The collaboration aims to delve into artificial intelligence (AI) and Web3 gaming initiatives within Sui’s blockchain infrastructure.
Sui revealed that Mysten Labs, a key player in web3 infrastructure and an integral contributor to the Sui blockchain, has joined forces with BytePlus, the enterprise technology division of ByteDance. This venture will focus on the exploration of data warehousing, AI recommendation algorithms, and AI visual algorithms within web3 gaming platforms.
Founded by former lead architects of Meta’s blockchain research team, Mysten Labs will collaborate with BytePlus to enhance community development, hackathons, and educational initiatives within the Sui ecosystem.
Evan Cheng, the co-founder, and CEO of Mysten Labs, expressed, “By integrating advanced AI recommendation and visual algorithms into Sui, we are taking a significant step towards enriching user interactions in Web3 gaming platforms and socialFi projects.”
Understanding Sui Blockchain
Sui stands out as a decentralized layer 1 blockchain and smart contract platform meticulously crafted to facilitate swift, private, secure, and inclusive digital asset ownership for all users.
With over 24 years of experience in developing developer-centric technologies and leading engineering teams at prominent firms like Apple and Facebook, Evan Cheng spearheads Mysten Labs.
The native token of Sui, SUI token, boasts a total supply limit of ten billion tokens and serves primarily to fortify the network’s security while functioning as a unit of account and payment medium within the ecosystem. SUI tokens are available for purchase on various centralized exchanges, including Binance, Coinbase, KuCoin, Bybit, Kraken, and Bitfinex.
Rise of Web3 Gaming Investments
The year 2024 witnesses a surge in funding for Web3 gaming projects. In March, Australian venture capital firm King River Capital, in collaboration with blockchain gaming company Immutable and Polygon Labs, unveiled a $100 million gaming fund.
In April, the renowned Silicon Valley-based venture capital firm Andreessen Horowitz (a16z), co-founded by Marc Andreessen and Ben Horowitz, disclosed its plan to invest approximately $30 million in gaming startups this year.
Andrew Chen, a general partner at a16z Games, shared the funding announcement on the social media platform X. Chen outlined that the firm will allocate the \(30 million through its a16z Speedrun program, with \)750 earmarked for each startup. The application deadline for funding consideration is May 19, and successful candidates will be notified by the end of July.