BytePlus, the enterprise technology division of ByteDance, the parent company of TikTok, has announced a strategic partnership with Mysten Labs, the creators of the Sui layer-1 blockchain, to venture into the Web3 space.
In a statement released on April 17, BytePlus outlined its plans to leverage its existing expertise in data warehousing to empower the Sui ecosystem, with a specific focus on Web3 gaming and SocialFi projects.
The partnership will involve integrating BytePlus’ advanced solutions, including ByteHouse, a cloud-native data warehouse, with Sui’s full-node data. This integration has the potential to enhance Sui’s analytics capabilities by enabling infinite scalability and real-time data processing, according to the announcement.
Mysten Labs will benefit from the high-performance and low-maintenance features of ByteHouse, which could accelerate data delivery for users on the Sui network.
Evan Cheng, the CEO and co-founder of Mysten Labs, expressed excitement about the partnership and its potential to revolutionize data analytics in the Web3 sphere.
Li Long, the general manager MEA of BytePlus, explained that the decision to enter the Web3 space was driven by the observation of emerging trends in social and gaming platforms built on blockchain and Web3. The goal is to enhance the Web3 social experience, foster close-knit communities, and create more immersive engagements.
This is not the first time ByteDance has explored Web3 technology. In 2019, the company formed a joint venture with a state-owned Chinese media group to develop blockchain and AI-focused business arms. Additionally, in June 2020, ByteDance applied for a virtual banking license in Singapore to enter the digital finance scene.
On the other hand, Sui is a relatively new layer-1 network introduced by Mysten Labs in March 2022. However, the ecosystem has experienced significant growth 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. In the following month, it was announced that the Greek stock exchange, ATHEX, would utilize the Sui blockchain ecosystem for its new fundraising mechanism.
In conclusion, BytePlus and Mysten Labs’ partnership marks ByteDance’s entry into the Web3 space, aiming to leverage data warehousing expertise to empower the Sui ecosystem in Web3 gaming and SocialFi projects. The collaboration holds the potential to revolutionize data analytics in the Web3 sphere and accelerate data delivery for Sui network users.