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BytePlus, the enterprise technology arm of ByteDance (owner of TikTok), announced a strategic partnership with Mysten Labs, the developers of the Sui blockchain, with the aim of exploring the possibilities offered by Web3.

The collaboration, disclosed in a statement published this Wednesday (17), aims to use BytePlus’ knowledge and experience in artificial intelligence (AI) and data storage to strengthen the Sui ecosystem, with special emphasis on Web3 games and SocialFi projects.

BytePlus plans to integrate its market-leading solutions, including ByteHouse – a cloud-native data warehouse – with the complete Sui network node data. This integration promises to increase Sui’s analytical capabilities, enabling infinite scalability and real-time data processing.

Additionally, Mysten Labs will benefit from ByteHouse’s high-performance, low-maintenance infrastructure, which could significantly accelerate data delivery to Sui network users.

TikTok with an eye on Web3

Evan Cheng, co-founder and CEO of Mysten Labs, expressed excitement about the partnership. The executive suggested that it could “revolutionize” data analysis in the Web3 sphere, providing an improved user experience on gaming platforms and SocialFi projects.

This isn’t ByteDance’s first foray into Web3 technology. In 2019, the company established a joint venture with a Chinese state-owned media group to develop blockchain and AI-related businesses. Additionally, in June 2020, ByteDance sought a virtual banking license in Singapore, aiming for an entry into the digital finance scene.

On the other hand, the Sui blockchain is a relatively new layer-1 network, introduced by Mysten Labs in March 2022. In recent months, the development of the ecosystem has been accelerated, with the establishment of new partnerships.

In February, the Sui Foundation collaborated with a university in the United Arab Emirates to launch a blockchain academy. Subsequently, the Greek stock exchange, ATHEX, announced that it would implement its new fundraising mechanism through Sui.

The price of the SUI token has jumped 7.5% in the last 24 hours, according to CoinGecko, to over $1.25.

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