In a recent conversation with Streetwise Reports, David Lucatch, CEO and president of Liquid Avatar, talked about the company's multifaceted approach to bringing blockchain technology to people's everyday experiences and transactions.
(LQID:CSE - LQAVF:OTCQB)
$0.22
2021/11/19 20:42:44
Volume: 408,547
Market Cap: 29.2m
PE Ratio: -2.20
Year High: $0.55
Year Low: $0.05
Shares Out: 135,801,842
Float: 106,528,419 |
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Liquid Avatar Technologies Inc. (LQID:CSE; LQAVF:OTCQB) is
breaking new ground for blockchain technology. The company
is taking a multifaceted approach to applying blockchain technology: through the verification, management, and monetization of Self Sovereign Identity which includes functions such as age verification in retail and promoting virtual assets (i.e., non-fungible tokens, or NFTs).
No More Checking IDs in Convenience Stores?
Selling age-restricted products in convenience stores is about to get easier if Liquid Avatar's technology takes off. Traditionally, customers have to show personal identification, such as a driver's license, to prove their age in stores. The clerk then has to verify the customer's age and confirm which products they are eligible to purchase. Liquid Avatar's Smart Age technology may change the entire experience.
"Today, clerks in the Ontario market have about a 90% success rate in checking identity for age-restricted products. However, millions of people go through convenience stores every day. A single failure can lead to fines and a loss of the ability to sell age-restricted products," David Lucatch, CEO and president of Liquid Avatar, told Streetwise Reports. There are more than 8,000 convenience stores in the Ontario market and more than 22,000 across Canada.
Why Does Age Verification Matter?
In Ontario, the penalty for violating the rules can be substantial. Fines to corporations may exceed $100,000 for failing to ID a person who appears to be younger than 25 years old in Ontario. The store owner may also be held responsible for the violation in some cases. Losing the ability to sell age-restricted products like tobacco, lottery tickets, and, in some locations, alcoholic beverages would be a major blow to most convenience stores.
"In most organizations, there is a lot of training provided to convenience store clerks to verify IDs. However, we have to realize that the clerk may be busy and may not verify the ID fully. In addition, there is a high level of turnover in some parts of the convenience store industry," Lucatch explained. As a result, some convenience store employees may not perform age verification checks in every instance.
Losing the ability to sell age-restricted products is a significant concern for convenience store owners. According to the Canadian Convenience Stores Association, tobacco and tobacco-related products account for 29.1% of total sales revenue on average. These product categories are even more significant in terms of profitability. Fourteen percent of total gross profit, on average, comes from these two products. It's not just tobacco, either. Lottery commissions account for 6.7% of gross profit at convenience stores. In Ontario, the minimum age to purchase lottery tickets is 18, and the age to purchase tobacco and alcohol products is 19.
QR Code Age Verification
The Liquid Avatar Technologies approach to age verification eliminates the need to check an ID manually. Instead, consumers download an app with biometrics capabilities. When a user makes a purchase, the convenience store clerk has to scan a QR code.
"The clerk receives a yes or no response from the system regarding which age-restricted products can be sold. There is no personal information like name, address, or date of birth displayed," Lucatch explained.
In February 2021, the Company launched the Liquid Avatar mobile app and acquired more than 10,000 downloads, which were used to gather feedback. The company has now initiated its public launch in the U.S. and Canada. As the launch becomes successful, the company may expand to other industries with age-restricted sales, such as bars and restaurants.
Selling Virtual Land and Assets
The old saying about real estate — they're not making any more of it — may not be valid anymore. Oasis Digital Studios Limited, a subsidiary of Liquid Avatar, is launching a virtual world called Aftermath Islands.
"We had a lot of previous clients and related parties come to us and say, ‘Look, you're already creating your own assets. Could you help us with NFTs?’" Lucatch explained. After reviewing the NFT opportunity further, Liquid Avatar decided to pursue it by launching Oasis. Oasis has recently been tasked by a new client to manage and develop Aftermath Islands.
"In Aftermath Islands, you will have the ability to buy virtual land, build on it, and interact with other people. There will also be games and quests," Lucatch commented. At this time, there is limited information about what kinds of games will be available in the virtual environment.
Aftermath Islands plans to launch a series of islands over time with different themes. "If you're a Bitcoin enthusiast, you might want to buy virtual land nearby other Bitcoin enthusiasts," Lucatch commented. "Subsequent releases will not be at the introductory pricing level," he continued. In late October, users can buy "virtual plots" of NFTs in Aftermath Islands. Plots range from single lots representing 1000m² to larger limited parcels consist of 4 plots together, and they can go as large as 100 plots put together.
Partnering With L.A. Comic Con
Thanks to a new partnership, promoting Aftermath Islands just got easier for Oasis and Liquid Avatar Technologies. On October 26, Liquid Avatar was named a digital innovation partner for L.A. Comic Con. Event participants will be able to use Liquid Avatar technology to access VIP events as well as a digital wallet. Liquid Avatar also plans to offer a scavenger hunt powered by augmented reality (AR) for event participants.
Scheduled for December 3–5, L.A. Comic Con will feature Nichelle Nichols (who played Nyota Uhura on Star Trek) and Tom Kenny (the voice actor behind the SpongeBob character). In 2019, the pop culture event attracted more than 120,000 fans.