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 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 content recommendation and generation solutions into Sui signifies a leap toward enhancing user experience within Web3 game platforms and SocialFi projects.”
Li Long, the general manager MEA of BytePlusAs, told Cointelegraph that the move comes after observing trends of the rise of new social and gaming platforms built on blockchain and web3. He said their aim is to "elevate the web3 social experience, build close knit communities and more immersive engagements."
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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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