The Metaverse Research and Development (R&D) Centre (MRDC) will be launched in Australia this November, with initial funding of $100 million.
Translucia Global Innovation, a startup of Thai media company T&B Media Global, has announced plans to establish the Metaverse Research and Development Center (MRDC) in Melbourne. Australian software company Two Bulls will be a key partner in the project. This is reported by the Bangkok Post.
According to T&B Founder and CEO Jwanwat Ahriyavraromp, the MRDC will be one of the world’s largest metaverse research centers. The plan is to gather top experts in the metaverse field under the center’s auspices. They will be engaged in the research, design and development of the Translucia metaverse. Last year T&B Corporation announced its intention to invest 10 billion baht (~$280 million) in the Translucia metaverse startup.
Two Bulls will manage the research center, develop infrastructure, collect data and study the behavior of metaverse users. Two Bulls CEO James Kane said the MRDC is the result of a unique Thai-Australian collaboration in which the Australian government sees an opportunity to develop business ties between the two countries through the joint development of advanced technologies.
The MRDC received $100 million in funding during the first phase. Passakorn Prathombutr, VP of the Digital Economy Promotion Agency (DEPA) of Thailand, estimates that globally the metaverse is worth $500 billion, and the MRDC can attract 248 local companies and create about 6,000 employment opportunities.
Analysts believe that the total revenue of the metaverse sector projects may reach $5 trillion over the next eight years, and the number of trademark applications related to the metaverse grew by 51% in 2022 compared to the previous year. Also, recent research shows that metaverse tokens have grown nearly 400% year-over-year during the crypto market downturn.
