Mysten Labs, a company headquartered in the Silicon Valley hub of Palo Alto, has secured an impressive $300 million investment to fund the development of their cutting-edge blockchain-based gaming platform, Sui.
Having labored on the project for over a year, the company has now partnered with no less than eleven top-tier gaming firms, with the aim of forging immersive, high-octane games that harness the power of Sui’s state-of-the-art technology.
Sui represents the future of gaming, a revolutionary platform that empowers seasoned game developers to create truly immersive and interactive experiences. The seamless user interface enables players to engage at deeper levels, offering unparalleled levels of control. Crucially, unlike other blockchains that suffer from significant constraints related to scalability, speed, and security, Sui’s infrastructure is built to last, capable of handling even the most demanding workloads with ease.
Sui Launched 3rd of May 2023: 11 Gaming Partners Unveiled for Revolutionary Platform
Mysten Labs has announced an exciting lineup of 11 gaming partners for their highly anticipated Sui blockchain network, which officially went live on May 3rd. This innovative platform is set to enable the development of premium games that promise an unprecedented level of player immersion and engagement. With its state-of-the-art technology and scalable infrastructure, Sui is expected to revolutionize the gaming industry.
Mysten Labs is thrilled to collaborate with esteemed gaming companies in delivering a gaming experience like no other.
Commencing on May 15th, the consortium of partners will unleash an array of captivating games and experiences on a weekly basis, enticing users to embark on an adventure of their own.
During the inaugural week of May 15th to May 21st, three captivating games – Orange Comet: Final Stardust, Arrivant: Project Eluune, and Talofa: Run Legends – will be revealed.
From May 22nd to May 28th, an enthralling lineup of Worlds Beyond, Lucky Kat: Cosmocadia, and Aether Games: Cards of Ethernity, will be introduced to lure in even more players.
Following that, from May 29th to June 4th, brace yourselves for Seascape: Mini Miners, Orange Comet: Degens & Dragons, Ghost Ivy: Haven’s Compass, and BlueJay: Arcade Champion, which promise to sweep players off their feet.
Finally, from June 5th to June 11th, the much-anticipated Onenet: Bushi, Lucky Kat: Panzerdogs, and Orange Comet: The Walking Dead will emerge, bringing a triumphant conclusion to this month-long event.
Mysten Labs intentionally sought out collaborations with game developers who were either uncertain about which blockchain to use or were interested in exploring a more advanced chain with improved scalability. Instead of luring developers with substantial cash incentives, Mysten Labs chose to facilitate introductions to VC funds and provide marketing assistance.
Comprehensive Suite of Tools: Empowering Game Creators and Enabling New Possibilities.
The Sui platform boasts a comprehensive set of tools, encompassing world-building tools, user-generated content digital asset libraries, and game builder portals. Clive Bennett, Worlds Beyond’s co-founder, stated, “At Worlds Beyond, we’re dedicated to providing creators with the necessary resources and innovations, aided by Sui, to realize their visions.” He added: “The future is looking very Sui-eet indeed for blockchain gaming.”
Anthony Palma, Mysten Labs’ Head of Gaming and Partnerships, revealed in an interview with GamesBeat that Sui could enable live-service games, such as Warzone, to have a future version where players can purchase skins in a marketplace, sell or trade them, or transfer them. This would offer players more options, allow them to earn some money, and possibly encounter a rare skin. While other blockchains may struggle to handle the scale of a game like Warzone, Sui’s infrastructure can support it.
Introducing Mysten Labs: A Tech Startup Founded by Former Meta Employees, Led by Industry Luminary Evan Cheng
Mysten Labs came into being through the efforts of seasoned tech professionals who were formerly employed by Meta. Its CEO, Evan Cheng, is a luminary in the field, with extensive technical expertise to boot. Prior to spearheading Mysten Labs, Cheng spent a decade at Apple before moving on to Facebook, where he made his mark for six years. Notably, he was a key player on the Libra project which was ultimately scrapped. Departing Facebook with four other members of the Meta team, Cheng launched Mysten Labs in September of 2021.
Investment Round and Funding
Mysten Labs enjoyed a windfall in September 2022 when it raised a mammoth $300 million in a funding round led by FTX Ventures, with an impressive cast of investors including Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and the crypto wing of Andreessen Horowitz. Later that same year, South Korea’s NCSoft joined the league of investors with $15 million in funding. Alas, the bright ride wasn’t all sunshine, and the company had to repurchase FTX’s stake for a staggering $96 million in the wake of the cryptocurrency brouhaha that affected FTX.
Mysten Labs’ Focus on the Gaming Industry and Innovative Sui Blockchain Solution
Mysten Labs has a sharp focus on the gaming industry, driven by the belief that game companies are the pioneers of technology and are more open to embracing new models and advancements. The CEO, Evan Cheng, believes that fairness should be at the heart of the internet and intermediaries who exploit their distribution power to generate profits should be eliminated.
Gaming companies are faced with a plethora of challenges such as the ephemeral nature of games, the difficulty in keeping fans engaged, and the hurdle of acquiring new users in the wake of Apple’s strong emphasis on user privacy over targeted advertisements. Game developers have traditionally relied on publishers to finance their projects, but game companies are increasingly exploring the possibilities of user-generated content and fostering empowered communities to tackle these obstacles head-on.
Mysten Labs addresses a significant challenge within the gaming sector, which poses the difficulty of updating digital assets as their value changes using a blockchain. The company has developed the innovative Sui blockchain, a pioneering Layer 1 blockchain and smart contract platform, designed to provide speedy, private, and secure ownership of digital assets for all users.
Sui blockchain uses a proof-of-stake decentralized architecture that scales horizontally to support a broad spectrum of application development with lightning-fast speed, low cost, and low latency. With the ability to process up to 100,000 transactions per second, Sui blockchain surpasses many other blockchains.
Sui blockchain incorporates cutting-edge consensus algorithms and unique data structures that yield a high-performance Layer 1, with expandable capacity that delivers a development environment for rich, dynamic, composable assets. These technological innovations empower Sui to scale throughput and storage horizontally to meet application demands while maintaining remarkably low operating costs per transaction.
The Sui network aims to facilitate fantastic gameplay, not a “great blockchain gaming experience.” Whether it be Sui or a console, the underlying technology should ideally be a tool that enables the player’s experience.
Revolutionizing the Gaming Industry: The Potential Impact of Sui Blockchain by Mysten Labs
Sui’s cutting-edge technology, scalability, and comprehensive tool suite have the potential to completely change the gaming platform environment, improving efficiency, transparency, and security for all parties involved.
The Sui blockchain network opens the door to gaming’s full potential and makes it possible for both gamers and developers to enjoy a more seamless experience. The desire of Mysten Labs to keep pushing the boundaries of blockchain technology promises to influence how the gaming sector develops.
Overall, Sui’s debut marks a huge turning point for the blockchain and gaming industries and has the ability to fundamentally change how we play video games. As we look towards the future, it’s clear that blockchain technology is set to play a major role in the gaming industry, and Mysten Labs is leading the way with their innovative approach to blockchain development.