BytePlus Ventures Into Web3 By Collaborating with Sui, Targets Gaming And SocialFi Markets
In Brief
ByteDance’s BytePlus collaborates with Mysten Labs to customize its algorithms and AR offerings to serve gaming and social applications.
Innovation division of technology giant ByteDance, BytePlus revealed its intention to venture into the blockchain sector through a collaboration with Mysten Labs, aiming to customize its recommendation algorithms and augmented reality offerings to serve gaming and social applications.
At present, the company provides a range of services, including personalized solutions, content distribution networks, and user engagement tools, all of which utilize augmented reality and data analytics.
The company’s tool for personalized applications, BytePlus Recommend, and BytePlus Effects, which provides access to 80,000 pre-designed stickers and effects for video applications, are poised for integration with Sui’s non-fungible tokens (NFTs) to drive the development of new applications. By offering its services to Sui developers, BytePlus aims to facilitate the creation of decentralized applications (dApps) with significant impact.
Additionally, by utilizing digital assets with customizable ownership policies, BytePlus aims to create novel user experiences and broaden its user base. Meanwhile, the integration of Sui’s zkLogin and sponsored transactions is expected to accelerate the widespread adoption of blockchain technology.
Sui Emerges As Top 10 Blockchain By Total Value Locked
Sui is a decentralized smart contract platform that prioritizes efficient asset management with low latency. It adopts the Move programming language to categorize assets as objects owned by specific addresses. Move programs outline operations on these categorized objects, encompassing custom regulations for their creation, transfer to new owners, and other asset-altering actions.
Launched less than a year ago by ex-members of Facebook’s Libra initiative, Sui has swiftly entered the arena alongside high-performing blockchains such as Solana, Aptos, and Sei. Last May, the platform officially launched its mainnet.
Recently, Sui has climbed the ranks to become one of the top 10 blockchains in terms of total value locked (TVL), as per data from DefiLlama, with TVL exceeding $402 million. As of the current writing, Sui’s TVL stands at $588.38 million.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
