Upcoming Metaverse R&D hub in Melbourne with a $100 mln budget

Image: Shutterstock

Translucia Global Innovation, a Thailand-based metaverse startup, has collaborated with Two Bulls, a software development firm, to establish a Metaverse Research and Development Centre (MRDC) in Melbourne, Australia. The budget for the project has been set at $100 million.

Translucia is a subsidiary of the art and entertainment corporation T&B Media Global, which started its Translucia Metaverse project in October 2021 with a $283 million first-stage fund.

T&B announced last year that it would invest 10 billion baht in the Translucia metaverse project with several partners. T&B is now collaborating with Two Bulls to bring the concept to reality, with a soft launch scheduled for November during their virtual expo this year, as announced by Jwanwat Ahriyavraromp, founder and chief executive of T&B Media Global.

While talking about the project, T&B Founder and CEO James Kane said that his company conducted a global search for a partner to assist in the realisation of the Translucia Metaverse project. He also added, "There was an understanding there would need to be significant research and development." "It's a very ambitious project."

Following a series of meetings between the two organisations this year, it was determined that Two Bulls' best position would be as a hub for research and development. Kane added, "We've been there early on in the conversations around the innovative elements of this metaverse project. What it's going to look like, what the experience will be and what sort of technology platforms it will run on." "The centre itself is really an extension of what Two Bulls already does,"