Build wealth using LOOKNFT
LookRev Token Economics
The LookRev design and marketing tool helps consumers co-design products and find the right product-market-fit. It assists the development of high-quality creative products.
A product line starts with a specific type of product. It provides many choices of colors, designs, textiles and ideas, and grows into many product options.
Consumers use the virtual outfit apps and catalogs, select the products they like, virtually outfit them with their selfies, further custom design the product option as they see fit, and purchase the custom product they truly like.
LookRev uses blockchain technology to register ownership of creative assets, contributions and payment information, encoding the information using smart contracts. It encodes each product line as a branch, and tokenized ownership of product lines as leaves on that branch.
LooksCoin Use Cases
Each genesis branch is designated for a product line, which may grow many subbranches as there are custom product options derived from each product line.
Each product line has its own unique virtual outfit catalog ID. Each product option has its own unique product ID and QR code watermark.
When a consumer purchases a custom product which has a unique product ID, the sale is credited to its product line, which means it is credited to its genesis branch on the LookRev tree.
The net proceeds received from the sale are deducted by the cost and fees of the creation, sale and distribution of the products in that product line. The net profits received from the sale of custom products derived from a product line are regularly distributed to the branch using a smart contract with blockchain technology.
The ownerships of the product lines are tokenized as NFT collectibles, held by the owners of the LOOKNFT tokens.
Each LOOKNFT token has a branch ID. Like a leaf on a tree branch, a LOOKNFT token is associated with a branch ID on the LookRev tree, which represents its product line.
When people purchase the LookRev LOOKNFT token, the tokenized ownership of the product line is recorded and secured on the blockchain, where it remains safe, verifiable and immutable.
Each branch on the LookRev tree has levels. When all the leaves on a level are purchased, the next LOOKNFT purchase is recorded at a lower level. The amount of leaves available on each level increases with the increase of the level.
As the branch grows more leaves, more levels are added to the branch. The addition of a new level automatically increases the value of the genesis branch, which increases the value of all leaves purchased on that genesis branch.
A branch harvest is initiated after the branch has grown 1000 leaves, which means that it has 1000 LOOKNFT tokens. The initial harvest time is 100 days after the branch reaches 1000 leaves.
The setting of the initial harvest time marks the start of the batch manufacturing process. The initial batch of products is available to purchase in 100 days.
The harvest time is when buyer can purchase the products of that product line. LooksCoin owners can also use LooksCoin to purchase the products.
The net profits received from a product line are distributed to LOOKNFT token owners on a regular basis using smart contracts through the blockchain. Credits are directly deposited to the LOOKNFT token recipient’s address, which is the LOOKNFT token owner’s wallet address. The LOOKNFT token owner can redeem the credits using the LookRevLOOKNFT smart contract.
A LOOKNFT token with a higher level will receive a higher percentage of distribution than a LOOKNFT token with a lower level. The equation will be published on the LookRev channel. The profit distribution is done using a smart contract through the blockchain.
LOOKNFT tokens are ERC721 tokens, which are exchangeable on the NFT market. When a LOOKNFT token owner transfers the ERC721 token to another user, the tokenized ownership of the product line is transferred to that user. The new recipient will receive the profit distribution with the LOOKNFT token at the harvest time of that branch.
LooksCoin is an ERC20 token, exchangeable with other cryptocurrencies in the market. A LOOKNFT token owner may hold LOOKNFT ERC721 tokens and LooksCoin ERC20 tokens at the same wallet address, but only LOOKNFT tokens record the tokenized ownership of the product line. When a LOOKNFT token owner transfers the LOOKNFT token to another wallet address, the ownership of that LOOKNFT token is transferred to that new wallet address.
LooksCoin is a functional utility token. It can be used to purchase goods and services on LookRev marketplace, vote for branch decisions, exchange with other ERC20 tokens and more.
An initial tree supply of LooksCoin is allocated and reserved for rewarding contributions of users. When people purchase LOOKNFT, a credit equivalent to 200 LooksCoin tokens is allocated with the purchase of the LOOKNFT ERC721 token. The owner of the LOOKNFT token can use the redeemCredits function to redeem the credits and deposit the LooksCoin into their wallet.
LookRev uses blockchain technology to execute smart contracts. It registers ownership of creative assets, contributions and payment information. It encodes the information using a smart contract and automatically generates QR code as a watermark onto the product image. By automating the process, LookRev solves the most detrimental problems in the industry, reducing risk and enabling a smooth selling process.
Tokens & Smart Contracts
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