Liquid Avatar Technologies Inc (CSE:LQID) (OTCMKTS:TRWRF) (FRA:4T5) is partnering up with ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) (FRA:GMS1) to develop augmented reality-enhanced non-fungible tokens, popularly known as NFTs. According to a recent press release, the companies mentioned that the NFTs would be used for the entertainment and digital lifestyle sectors.

The recently-launched joint venture Oasis Digital Studios, a collaboration between ImagineAR and Liquid Technologies, supports AR Enhanced Non-Fungible Tokens (NFTs) development, the listing, marketing, management, and other creative, avatar and digital icons, technology and blockchain services. The agency is also partnering with digital entrepreneur Ruth McCartney's firm McCartney Multimedia Inc on the initiative.

According to an investor, Oasis will be creating and deploying embedded AR "triggers" in each Oasis-supported NFT and supporting and introducing NFT programs, brands, and participants. The technology will allow users to engage in enabled immersive and shareable experiences through the Liquid Avatar Mobile App and AR-enabled websites. The initial program offerings will include digital artwork, with the expected expansion to trading cards, limited editions, and series and physical product programs.

Oasis Digital Studios works with leading individuals and organizations in blockchain technology, computer graphics, augmented reality, entertainment, art, sports, gaming, music, media, comic book, memorabilia, and pop culture arenas to support the fast-paced emergence of the NFT marketplace.

With opportunities already in process, the Oasis model is to create an ongoing partnership with artists, sports personalities, talent, brands, and organizations and share the steady revenue of the initial sale and any residual sales, creating potential royalty-type revenue relationships. The initial program offerings will consist of digital artwork, with the expected expansion to trading cards, limited editions, series, and physical product programs.

The Company believes that as it plans to provide future features, regular releases will allow the users to familiarize themselves with existing features before moving on to more comprehensive services and the opportunity to manage their digital identity and verifiable credentials.

According to David Lucatch, CEO- Liquid Avatar: "It is great to be working with Ruth and the McCartney team again, having worked with them in the past on programs in the entertainment and technology sectors. Ruth and the team are digital experts and are super connected to a host of great artists and entertainers that we believe will benefit from new opportunities with collectable and experiential, augmented reality enhanced, NFTs,".  

NFTs are in the limelight NFTs are a hot topic this year, with adoption, and DeFi use cases dominating the online and offline discussions. NFT is a digital asset representing a wide range of tangible and intangible assets like digital and conventional artwork, collectables, memorabilia, and other items. According to DappRadar, trading volume across the top three NFT marketplaces exceeded USD 570 million last month alone.