Translucia Global Innovation, a subsidiary of T&B Media Global (Thailand), is joining hands with Two Bulls, an Australia-based specialist in gamification design and innovative tech, to launch the Metaverse Research and Development (R&D) Centre in Melbourne with an initial budget of US$100 million.
Last year, T&B announced its plan to invest 10 billion baht in the Translucia metaverse project with various partners.
Jwanwat Ahriyavraromp, founder and chief executive of T&B, said Translucia would be soft-launched in November this year during its virtual expo.
Translucia will support multiple kinds of tokens and has its own cryptocurrency called Lucium. He said the project would bridge the virtual and physical worlds while creating goodness, happiness and prosperity.
Mr Jwanwat said Translucia would be "a world of happiness and smiles where people can live, work, enjoy business, socialising and entertainment in new ways".
The metaverse also has its own blockchain that is 10,000 times faster than Ethereum and a gas fee that is 1,000 times lower. It also has a back-end system that allow partners to build their own virtual space to connect to Translucia.
According to him, the Metaverse R&D Centre developed by Translucia Global Innovation will be one of the world's few specalised research centres, recognised by the Australian government with the help of Two Bulls.
The centre will become one of the world's largest metaverse research centres, Mr Jwanwat said. Under the project, the company has partnered with leading specialist companies, including Two Bulls in March this year.
The centre would accommodate the development of Translucia metaverse and gathers the world's top experts in metaverse development, he noted.
The R&D centre will focus on advanced technology that supports the experience of users, allowing the access of any devices to the metaverse.
James Kane, chief executive of Two Bulls, said the Metaverse R&D Centre is a unique Thai-Australian collaboration for a new type of pioneering metaverse initiative.
"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," said Mr Kane.
Two Bulls is a key partner that will play a vital role in developing and managing the Metaverse R&D Centre, gathering data and studying metaverse user behaviour to delight Translucia visitors.
Pellar Technology is another core partner, bringing blockchain technology to support cryptocurrencies, digital assets and entire economic activities in Translucia and the real world.
Passakorn Prathombutr, senior executive vice-president of the Digital Economy Promotion Agency (Depa), said the metaverse market is worth $500 billion globally and this is a great opportunity for the digital experience economy.
He said the R&D centre would be a boon for the metaverse ecosystem. There are 248 local firms and 6,000 workers with skills in graphics and animation, which would be able to support the metaverse development.