Parent company of TikTok investigates Web3 gaming and AI potential on-chain

BytePlus, the enterprise technology division of ByteDance, the parent company of TikTok, has announced its entry into the Web3 space through a strategic partnership with Mysten Labs, the developers behind the Sui layer-1 blockchain.
In a statement released on April 17, BytePlus outlined its plans to leverage its existing expertise in artificial intelligence (AI) and data warehousing to support the Sui ecosystem, with a specific focus on Web3 gaming and SocialFi projects.
As part of the partnership, BytePlus will integrate its state-of-the-art solutions, including ByteHouse, a cloud-native data warehouse, with Sui’s full-node data.
According to the announcement, this integration has the potential to enhance Sui’s analytics capabilities by enabling limitless scalability and real-time data processing.
Mysten Labs will benefit from ByteHouse’s high-performance and low-maintenance features, which could significantly expedite data delivery for Sui network users.
Evan Cheng, the co-founder and CEO of Mysten Labs, expressed his belief that this partnership has the power to revolutionize data analytics in the Web3 industry.
Cointelegraph has reached out to ByteDance for further details on its foray into Web3.
In 2019, ByteDance reportedly established a joint venture with a state-owned Chinese media group to develop blockchain and AI-focused business units. Additionally, in June 2020, ByteDance applied for a virtual banking license in Singapore as part of its entry into the digital finance sector.
On the other hand, Sui is a relatively new layer-1 network introduced by Mysten Labs in March 2022. However, the ecosystem has experienced rapid development in recent months through various partnerships.
In February, the Sui Foundation collaborated with a university in the United Arab Emirates to launch a blockchain academy. The following month, it was announced that the Greek stock exchange, ATHEX, would utilize the Sui blockchain ecosystem for its new fundraising mechanism.
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