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A ‘very ambitious’ $100M Metaverse R&D hub is being built in Melbourne

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cointelegraph.com

Thailand based metaverse startup Translucia Global Innovation has partnered with the Australian software development firm Two Bulls and set aside an initial budget of $100 million to build a Metaverse Research and Development Center (MRDC) in Melbourne.Translucia is a subsidiary of art and entertainment company T&B Media Global which in October 2021 launched its “Translucia Metaverse” project, with a first stage investment of $283 million for the virtual world.Now, T&B are partnering with Two Bulls to build the MRDC to bring the project to life with a slated soft-launch for November this year.Two Bulls Founder and CEO James Kane told Cointelegraph that T&B undertook a worldwide search for a partner that could help realize the Translucia Metaverse project“There was an understanding there would need to be significant research and development,” he said. “It's a very ambitious project.”A series of conversations between the two organizations this year resulted in the realization that Two Bulls’ best role would be in as a hub for research and development (R&D) to help build it.“The center itself is really an extension of what Two Bulls already does,” added Kane.Melbourne’s skilled local workforce and an R&D tax incentive of up to 45c for every eligible $1 spent helped seal the deal.

A lot of new areas will need to be explored for the project not only in terms of hardware and software, but in the system’s economics and gamification also.

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