After a busy 12 months that included launching on mainnet and the announcement of fresh partnerships with TikTok parent ByteDance and Google, Mysten Labs, creator of the Layer 1 Sui protocol, is confident that blockchain tech is about turn the proverbial corner.

“The killer app for web3 is coming. The ChatGPT moment is coming soon,” Evan Cheng, CEO and co-founder of Mysten Labs told The Block, adding the current bull run is coinciding with web2 tech giants expressing more interest in blockchain than before. “We’re seeing a lot of interest from more established companies … companies that previously hadn’t done anything in the space are coming in.”

Mysten Labs's recently announced “ecosystem partnerships” include striking agreements with both Alibaba Cloud and Google Cloud, each centered …