Analysis of ICO Lookrev
LookRev project announces itself as blockchain based creative marketplace.
LookRev is visual creative product design, virtual outfit and shopping network built on blockchain technology. LookRev provides an open network in a space traditionally impassable, builds a gateway for product creators, designers, distributors and consumers to collaborate on creating new products or verify attribution of a product through a truly transparent blockchain system.
LookRev virtual outfitting system has the capability of visually configuring and integrating components of a product, and virtually outfitting the product into a customers’ personal environment. It helps a product maker quickly find the matching elements and best design configuration for a product, discovering its product-market-fit.
It helps consumers visualize how a product looks in their personal environment, get novice experience of personalized shopping, discover and buy custom products.
LookRev platform offers the solution for speeding up the product manufacturing process of custom goods, discovering its product-market-fit, reducing production risk, enabling the production of high quality custom goods based on consumer demand.
The product looks very interesting and really creative. We may assume that the product will be in demand. According to the White Paper, LookRev already has more than a dozen launched applications, paying customers and millions of shopper usages, creating a winning business solution for creative market. If this is true, the further development of LookRev will make the product even more demanded.
LookRev is a spin-off from an existing business TryOnApps, Inc, which is registered in United States, the team is based in Silicon Valley, California. The product exists now but there are no any details about its further development, no road map.
The proceeds of the funds raised will be used to deliver on the goal of creating a peer-to-peer decentralized marketplace, building the framework for sustainable chains of businesses for custom products creators, distributors, retailers, and affiliates community.
A portion of the funds raised will be allocated to expanding the team. Other part of the raised funds will be spent on marketing in order to build LookRev community and grow community user base.
The rest funds will be spend on administration, legal support and other operating expenses.
The founders of the project don’t disclose projects’ revenue, financial details and forecast for coming years.
There is only mentioned in the White Paper that 20% of funds will be spent on marketing and development including community building and growing. No any details.
LookRev is a spin-off from an existing business TryOnApps, Inc, which is registered in United States, the team is based in Silicon Valley, California. This is all what we should know about the team
The Vision of the Market
The White Paper describes the problems of existing consumer goods market, for the participants of which LookRev platform is designed. But there is no description of the market niche for the product itself. It remains unclear whether there are already similar products in the market, what are the advantages and disadvantages of LookRev project.
Understanding of the Target Audience
The project describes quite clearly the groups to which it is focused, and the motivation of each group.
An customer preorder the product, fund a product maker before his/her product become mature sellable goods. As part of the deal, a customer can buy finished products at a discounted price.
A creative product maker can receive preorders with cryptocurrency, and get the resource that he/she needs to produce the future products. This helps the product maker to obtain the resources to support the making and improvement of his/her custom products.
For traditional retailers, selling novice products that have high market demand will help them reduce business risk, increase sale revenues, reduce inventory, and speed up the turnover rate of their products.
For sales representatives and service providers such as designers and stylists, LookRev increase their opportunities to make sales, and get compensated for their work.
Distributors can benefit from LookRev chain by distributing the custom products that proved product-market-fit, and increase product distribution efficiency by distributing products on-demand.
The product provides many interesting opportunities for manufacturers and buyers of consumer goods. Of course, LookRev has advantages over traditional tools such as a showroom or a fitting room. But the White Paper doesn't contain a detailed description of the market niche of LookRev, so it is difficult to judge the competitive advantages of this product in comparison with possible competitors.