Sui Blockchain Partners With TikTok Subsidiary BytePlus to Explore Web3 Gaming Opps

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Author Profile

Share

Copied

Last updated:

April 17, 2024 07:04 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

Layer 1 blockchain Sui has partnered with BytePlus, a subsidiary of TikTok’s parent company ByteDance, to explore artificial intelligence (AI) and Web3 gaming projects on Sui’s blockchain.

In an announcement, Sui said Mysten Labs, a web3 infrastructure company and the original contributor to the Sui blockchain, has partnered with BytePlus which is ByteDance’s enterprise technology arm. The partnership will involve exploring data warehousing, AI recommendation algorithms, and AI visual algorithms in web3 game platforms.

Mysten Labs was founded by former lead architects of Meta’s blockchain research team. The partnership will see BytePlus and Mysten Labs work together to explore ways to strengthen the Sui community building, hackathons, and educational programs.

“Integrating cutting-edge AI recommendation and visual algorithms into Sui signifies a leap toward enhancing user experience within Web3 game platforms and socialFi projects,” said Evan Cheng, co-founder, and CEO of Mysten Labs, in a press release.

What is Sui Blockchain 

Sui is a decentralized layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.

Evan Cheng, the CEO of Mysten Labs, has spent over 24 years of building developer-facing technology and leading engineering teams at companies such as Apple and Facebook.

The Sui native token SUI token has a total supply capped at ten billion tokens and is primarily used to secure the network and act as a unit of account and payment within the network. SUI can be purchased on numerous centralized exchanges, including Binance, Coinbase, KuCoin, Bybit, Kraken, and Bitfinex. 

Web3 Gaming Investment on Rise

In 2024, Web3 gaming projects have seen an increase in funding. In March, the Australian venture capital firm King River Capital, blockchain gaming firm Immutable and Polygon Labs teamed up to launch a $100 million gaming fund.

In April, Silicon Valley-based venture capital firm Andreessen Horowitz (a16z) founded by Marc Andreessen and Ben Horowitz said it is investing around $30 million in gaming startups this year. 

Andrew Chen a general partner for a16z Games took to the social media platform X to share the funding announcement. Chen said the firm will invest the $30 million through its a16z Speedrun program and $750 will be allocated per startup. The deadline for applying for the funding is May 19 with those shortlisted will be notified at the end of July.