BytePlus and Mysten Labs Team Up for a Groundbreaking Venture into Web3 Gaming and SocialFi Projects
Summary:
ByteDance's tech division, BytePlus, plans to make its debut in the Web3 space through a strategic partnership with Mysten Labs, the creators of the Sui layer-1 blockchain. BytePlus aims to fortify the Sui ecosystem focusing on Web3 gaming and SocialFi projects, using its knowledge and experience in AI and data warehousing. The collaboration will allow BytePlus to integrate its solutions with Sui's full-node data, potentially boosting Sui's analytics abilities. This move represents ByteDance's ongoing interest in Web3 technology and digital finance.
ByteDance's business technology division, BytePlus, is slated to venture into Web3 via a cooperative agreement with Mysten Labs, the creators of the Sui layer-1 blockchain. On April 17, BytePlus outlined its intention to leverage its existing expertise in artificial intelligence (AI) and data storage to reinforce the Sui platform, putting special emphasis on Web3 gaming and SocialFi enterprises. The collaboration will allow BytePlus to amalgamate its groundbreaking solutions, including ByteHouse—a native-cloud data store—with Sui’s complete node data. Allegedly, this integration might enhance Sui's analytical abilities by offering limitless scalability and real-time data processing. Mysten Labs stands to gain from the high efficiency and low upkeep of ByteHouse, potentially speeding up data transfer for users on Sui’s network. Evan Cheng, Mysten Labs’ co-founder and CEO, anticipated that the alliance could transform data analytics in the Web3 area. "Incorporating state-of-the-art AI and visual algorithms into Sui signals a progressive shift for user experience within Web3 gaming platforms and SocialFi projects," said Cheng. ByteDance has been contacted by Cointelegraph for further clarity on its Web3 intentions.
Previous instances of ByteDance's interest in Web3 technology include a joint venture in 2019 with a Chinese state-sponsored media agency to establish blockchain and AI businesses. In June 2020, ByteDance took steps towards securing a virtual banking license in Singapore, aiming to break into the digital finance world. Sui, conversely, was introduced as a cutting-edge layer-1 network by Mysten Labs in March 2022. However, recent rapid advancements in the ecosystem have been spurred on by newfound partnerships. In February, the Sui Foundation joined forces with a UAE university to establish a blockchain academy. In the following month, it was revealed that the Greek stock exchange, ATHEX, would utilize its new fundraising mechanism through the Sui blockchain ecosystem.
Published At
4/17/2024 4:00:00 PM
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