Layer 1 blockchain Sui has forged a partnership with BytePlus, a subsidiary of ByteDance, the parent company of TikTok. The collaboration aims to delve into artificial intelligence (AI) and Web3 gaming projects on Sui’s blockchain.
According to the announcement, Mysten Labs, a web3 infrastructure company and the original contributor to Sui’s blockchain, has teamed up with BytePlus, which serves as ByteDance’s enterprise technology arm. Together, they plan to delve into data warehousing, AI recommendation algorithms, and AI visual algorithms within web3 game platforms.
Mysten Labs, led by former key architects of Meta’s blockchain research team, will collaborate with BytePlus to explore avenues for strengthening the Sui community through initiatives like community building, hackathons, and educational programs.
Evan Cheng, co-founder, and CEO of Mysten Labs, expressed, “Integrating cutting-edge AI recommendation and visual algorithms into Sui represents a significant step forward in enhancing user experience within Web3 game platforms and socialFi projects,” in a press release.
What is Sui Blockchain
Sui stands as a decentralized layer 1 blockchain and smart contract platform meticulously crafted to democratize digital asset ownership, ensuring swiftness, privacy, security, and inclusivity for all.
Evan Cheng, CEO of Mysten Labs, brings over 24 years of experience in developing developer-centric technology and leading engineering endeavors at prominent firms like Apple and Facebook.
The SUI token, native to Sui, boasts a capped total supply of ten billion tokens. It serves as a pivotal element in securing the network, functioning as both a unit of account and a means of payment within the ecosystem. SUI is readily available for purchase across various centralized exchanges, including Binance, Coinbase, KuCoin, Bybit, Kraken, and Bitfinex.
Web3 Gaming Investment on Rise
In 2024, funding for Web3 gaming projects has experienced a notable surge. In March, King River Capital, an Australian venture capital firm, joined forces with blockchain gaming firm Immutable and Polygon Labs to introduce a $100 million gaming fund.
In April, Andreessen Horowitz (a16z), a prominent Silicon Valley-based venture capital firm co-founded by Marc Andreessen and Ben Horowitz, announced plans to invest approximately $30 million in gaming startups throughout the year.
Andrew Chen, a general partner at a16z Games, shared the funding announcement on the social media platform X. Chen revealed that the firm intends to allocate the $30 million investment through its a16z Speedrun program, with $750 earmarked for each startup. The application deadline for funding consideration is May 19, and shortlisted candidates will be notified by the end of July.
