Melbourne Sees $100 Million Invested in Metaverse Research Centre

June 17, 2022, 10:00 AM AEST - 2 weeks ago

Thai metaverse startup Translucia Global Innovation has announced it will partner with Australian software and design studio Two Bulls to launch the Metaverse Research and Development Centre (MRDC) in Melbourne. 

The MRDC is expected to have an initial budget of US$100 million and will be one of the largest metaverse research centres in the world, aiming to attract top global talent and innovate in the metaverse space.

Melbourne Centre Will Develop Translucia Metaverse Project

Last year, T&B Media Global, the Thai-based parent company of Translucia Global Innovation, announced plans to launch a metaverse project named ‘Translucia’ with several international partners, including Two Bulls. 

The new Melbourne-based hub will help develop the Translucia metaverse while also undertaking research on advanced technologies to enhance and support the experience and push the broader metaverse space forward.

Jwanwat Ahriyavraromp, founder and CEO of T&B Media Global, expects big things from the Translucia metaverse, insisting it will be “a world of happiness and smiles where people can live, work, enjoy business, socialising and entertainment in new ways”.

T&B Media Global expects the Translucia metaverse will soft-launch in November of this year during the company’s virtual expo.

Metaverse R&D Centre Hopes to Attract Best Minds

Speaking to the Bangkok Post, Two Bulls CEO James Kane said the new centre would attract the best minds in the industry and create a new kind of metaverse experience for users:

I think the Metaverse R&D Centre will be a great way to attract metaverse visionaries, helping Translucia fulfill its incredible vision and benefiting the world, introducing people to the concepts of the Translucia metaverse with its fresh perspective. 

James Kane, CEO, Two Bulls

Austalians are generally yet to embrace the metaverse, with a recent study finding only 44 percent of respondents were familiar with the technology. Despite this relative lack of awareness at home, globally the metaverse presents a huge opportunity – a report released last month suggested it may account for 2.8 percent of global GDP in 10 years, a whopping US$3 trillion.

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