In May 2020, Mavatar filed for chapter 7 bankruptcy protection. E. Lynn Schoenmann, the court-appointed chapter 7 trustee, hired Hilco Streambank to market Mavatar’s intellectual property assets.
Mavatar created mobile and web applications which provided solutions for retailers, influencers and consumers. It offered mCart by Mavatar, a platform-as-a-service and omnichannel marketplace powered by blockchain that facilitated the creation of shoppable content, tracked sales and marketing dollars, and made micro-payments to influencers. Mavatar’s technology removed the marketing middleman and allowed influencers to earn a commission for the products they promoted on behalf of retailers. The technology also allowed consumers to track products from movies, magazines, TV shows and social media to online and offline retailers.
The assets included the Mavatar patents, trademarks, domain names and source code for the Mavatar platform software. Hilco Streambank successfully facilitated a sale of the Mavatar intellectual property assets to Monjeri Investments, LLC.