LooksCoin token sale is one of the most exciting token offerings in 2021.
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.
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.
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 ownership of the product line is tokenized as a collectable NFT (nonfungible token), and is held by the owner of the LeafNFT token.
When people purchase the LookRev LeafNFT token, the tokenized ownership of the product line is recorded and secured on the blockchain, where it remains safe, verifiable and immutable.
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. The setting of the initial harvest time marks the start of the 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 LeafNFT token owners on a regular basis using smart contracts through the blockchain. Credits are directly deposited to the LeafNFT token recipient’s address, which is the LeafNFT token owner’s wallet address. The LeafNFT token owner can redeem the credits using the LookRevLeafNFT smart contract.
A LeafNFT token with a higher level will receive a higher percentage of distribution than a LeafNFT 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.
LeafNFT tokens are ERC721 tokens, which are exchangeable on the NFT market. When a LeafNFT 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 LeafNFT token at the harvest time of that branch.
LooksCoin is an ERC20 token, exchangeable with other cryptocurrencies in the market. A LeafNFT token owner may hold LeafNFT ERC721 tokens and LooksCoin ERC20 tokens at the same wallet address, but only LeafNFT tokens record the tokenized ownership of the product line. When a LeafNFT token owner transfers the LeafNFT token to another wallet address, the complete ownership of that LeafNFT token is transferred to that new wallet address.
Please read the complete article and find detailed information at https://lookscoin.com.
