LookRev is building a creative product marketplace on the blockchain. Find out how this platform works today in our LookRev review.
What Is LookRev?
LookRev is a peer-to-peer marketplace for the creative industry. The company’s token sale is taking place between August 30 and September 30, with bonuses available throughout the first few weeks of the sale (the general ICO starts on September 8).
During the LookRev token sale, the company is selling LOK tokens. The LOK token is a utility token involved in every aspect of the LookRev ecosystem.
LOK can be acquired through LookRev’s mobile native apps, web DApps, or from another party via an exchange of services or products. Users also have the ability to acquire LOK by sending Ether to the LOK token sale contract during the crowdsale.
1 ETH will buy you 2400 LOK during the token sale.
LookRev already has VR and AR products on the market. The company has released over a dozen apps with more than 400,000 downloads over the past 6 years. One app was also chosen as App of the Month by HomeStyle Magazine.
Although LookRev emphasizes VR and AR technologies, the company is creating a marketplace for all creative works and products. It’s built so that any creative individual – regardless of his or her skill level or technical ability – can create an immutable transaction for their creative works on the blockchain.
How Does LookRev Work?
Overall, LookRev aims to be the first blockchain-based marketplace for creative products. Using LookRev, ordinary people can form and join distribution chains for their own custom products and earn money.
As the company’s website explains, “We enable ordinary people to build distribution chain for their creative products.”
In more straightforward terms, LookRev is using blockchain technology to create a peer-to-peer decentralized marketplace for people who make creative products. The platform uses smart contracts to enable ordinary people to form distribution channels for their creative products, then earn money from those products. The end result is a dynamically-generated ongoing chain of smart contract-based proof-of-work that creates a trustworthy, mutually-beneficial chain of services for product creation, customization, and distribution.
The center of the LookRev ecosystem is the marketplace. Consumers can browse that marketplace to customize and buy products of their choosing. After selling a product, product creators are rewarded immediately, and the transaction is recorded in the smart contract.
Some of the key features of the platform include:
- Smart Solution: LookRev is a smart contract-based proof-of-work product distribution chain.
- Built for Everyone: Enables ordinary people to build distribution chains for their creative products.
- Consumer Interaction: LookRev offers product customization based on real-time market feedback.
- Community Support: Creating a trustworthy, mutually-beneficial chain or services.
How Does The LookRev Token Work?
The LookRev token is at the center of the platform’s ecosystem. Here are some of the uses for that token:
- Liquidity: The LookRev token is an ERC20-compliant smart token that can be purchased or sold at anytime directly through the LookRev smart contract or through an exchange.
- Buy Custom Products: You can use the LookRev token to purchase custom products. Consumers can use LOK to order and buy custom products from product makers.
- Exchange for Custom Service: It’s a utility token for buying or selling services. LookRev tokens can be used to exchange for custom services and products on the platform.
- Preorder Creative Products: Consumers can pre-order creative products directly from product makers.
- Instant Rewards: Contributors instantly receive rewards when they sell a product. There’s no waiting period or middleman.
- Community Revenue Share: LookRev collects 10% of the sales revenue from each cryptocurrency transaction, then puts that money towards a community pool. Token holders must take active roles to participate.
The community pool deserves a bit more explanation. In the LookRev whitepaper, the company explains that members receive a share of the community pool based on the percentage of tokens they hold. In other words, if you hold the LookRev token, you’ll receive a portion of the 10% transaction fee assessed by the platform.
LookRev has already introduced several AR, VR, and creative apps to the marketplace. These apps have collected 400,000+ reviews over the past 6 years on the market. In addition, LookRev has created decentralized apps (DApps).
The company’s apps include all of the following:
- LookRev App
- LookRevPro App
- Virtual Interior Design Home Decoration
- Selfie Dress-Up App
- Event Decoration App
- MagicDressUp.com (website-based DApp)
- CustomadeMe.com (website-based DApp)
Some of these apps, as the LookRev whitepaper explains, appear to have been licensed from a company called TryOnApps, Inc.
The LookRev Token Sale
The LookRev token (LOK) will be sold between August 30 and September 30 through the pre-ICO and ICO. The ICO begins on September 8.
The company has set a minimum goal of selling 10 million LOK during the sale. The number of LOK tokens issued per Ether is 2,400 LOK tokens per ETH.
LOK is an ERC20-compliant token built on the Ethereum platform. The total supply has not yet been set, but it will be decided by the contributions made during the ICO.
Who’s Behind LookRev?
LookRev is led by Grace Tang (listed as “Rain Maker” of the company). Tang is an entrepreneur with 15+ years of experience building world-class software applications.
LookRev is based in California.
LookRev plans to solve problems in the creative industry by giving any creative individual the ability to create a blockchain-based record of transaction. The company offers a framework – a marketplace – where creative individuals can find buyers for their work. The overall goal is to greatly reduce the complexity of selling creative products by removing barriers.
The LookRev ICO is taking place throughout September. You can learn more about the platform online today at LookRev.com.