ByteDance’s subsidiary, BytePlus, and Mysten Labs have joined forces to pioneer the integration of artificial intelligence (AI) and blockchain technology in the leap towards Web3.
This strategic move by ByteDance represents its continued exploration of blockchain technology, echoing its previous endeavors in this domain. BytePlus, the technological powerhouse behind TikTok’s parent company, has forged a significant partnership with Mysten Labs, the brains behind the Sui layer-1 blockchain.
In an announcement made on April 17, BytePlus unveiled plans to leverage its expertise in AI and data storage to revolutionize the functionality of web3 games and SocialFi projects within the Sui ecosystem. This collaboration will enable both entities to leverage each other’s innovative solutions, such as ByteHouse and Sui’s full-node data capabilities.
BytePlus ‘TikToking’ into Web3
BytePlus’s foray into Web3 marks a pivotal moment in its evolution, with its AI solutions poised to enhance Sui’s analytical capabilities, fostering unparalleled scalability and real-time data processing.
The integration of BytePlus’s technologies, including ByteHouse, into Mysten Labs’ ecosystem holds promise for enhancing user experiences across Web3 games and SocialFi projects. Evan Cheng, co-founder and CEO of Mysten Labs, expressed optimism regarding the partnership, emphasizing the potential for AI and visual tools to revolutionize Web3 data analytics.
ByteDance Continues Exploration of Web3
ByteDance’s venture into Web3 isn’t its maiden voyage into the realm of blockchain. In 2019, the company collaborated with a Chinese government-run media group to establish industry-specific business units dedicated to blockchain and AI. Furthermore, ByteDance’s pursuit of a virtual banking license in Singapore in June 2020 underscores its ongoing interest in digital finance and blockchain technology.
Although Mysten Labs introduced Sui to the market as recently as March 2022, it has rapidly gained traction within the blockchain community. The partnership with BytePlus represents the latest in a series of collaborations aimed at expanding its reach and capabilities.
Web3 Gaming Investments in 2024
In the broader landscape, significant investments are flowing into Web3 gaming projects in 2024. Australian venture capital firm King River Capital, blockchain game company Immutable, and Polygon Labs announced plans in March to establish a $100 million gaming fund. Following suit, Andreessen Horowitz (a16z), a prominent Silicon Valley venture capital firm founded by Marc Andreessen and Ben Horowitz, disclosed intentions to inject approximately $30 million into gaming startups this year.
