After memes and tweets, you can now own and sell colors as NFTs too! Read more to find out!
Non-fungible tokens, or NFTs, are an exciting segment in the blockchain and cryptocurrency industry. Whereas the first generation of NFTs focuses on collectibles and theoretical value, new projects bring more utility to the game. That utility includes decentralized finance solutions, specific features, or owning an entirely new asset class.
BitColors is one of the newest NFT projects that aim to leverage this technology for a particular purpose. The project development team reveals that users will own color rather than owning a digital collectible or "profile picture collection piece," There are 1,000 new and unique colors generated by the team. Owning a color has, according to the team, not been possible before, but with the help of NFT technology, that is no longer a pipe dream.
What Is BitColors?
The concept of BitColors revolves around tokenizing 1,000 unique handcrafted colors and letting users own the rights to them. The holder of a BitColors NFT can own and trade the color they own, allowing for unlimited potential use cases. Colors are used in many aspects of daily life, yet few people ever considered the option of owning one.
The team behind BitColors wants to bring a different form of utility to owning non-fungible tokens. The team states how creating a new set of avatars with no soul is not what BitColors is about. Instead, the focus shifts to art and fun, allowing value to be derived from the heart and soul rather than artificial "rarity traits." Moreover, the concept of owning an NFT color is unique, and BitColors wants to be the first project to make this form of thinking appealing in the NFT industry.
How Does BitColors Work?
The team has handcrafted 1,000 unique colors that have not existed before. Limiting this collection to 1,000 pieces creates a sense of scarcity, but not the artificial kind. Instead, the scarcity and value of these NFTs come from the holder themselves rather than through Rarity Tools or other third-party solutions. Their community member commented that this approach is "so much more satisfying than chasing down rares in PFP collections".
There is no option to get BitColors for free or through early access. Additionally, the team opts for no presale, whitelists, or airdrops, as any of these options would reduce the value for all the collections.
To ensure the colors gain recognition and use cases, BitColors will build relations with artists and other entities to broaden the collection's reach. There is currently a roadmap in place, and more details will be revealed on October 19. The primary purpose is aggressively marketing the colors to help increase the collection's base value
Elements of the roadmap hint at creating a native NFT news platform to continually grasp the attention of NFT enthusiasts. Additionally, the team wants to build community engagement designed for awarding active and creative members. Furthermore, there is talk about letting NFT holders combine multiple BitColors into NFT palettes and art pieces to come in January 2022.
Once an NFT from the collection has been purchased, users have ownership of their color. Moreover, the NFTs can be sold, loaned, or transferred to other users over the blockchain.
What Makes BitColors Unique?
NFT Collections can distinguish themselves either through scarcity, collectibility, the artwork, or many other features. Letting users own a color, however, is a very different concept. Depending on the virality of BitColors, there can be many current and future use cases. According to the team, increasing the value of this collection is the main objective.
New colors tokenized through NFT token standards introduce many new opportunities, as there is always a demand for new colors. Artists and creators can leverage this collection to its full potential.
Furthermore, there is a plan to make a book of colors to promote BitColors and its concepts. There will also be a short art film. Per the roadmap, the book will be published in February 2022, with the short movie following suit in March 2022.
What Are People Saying About BitColors?
The BitColors project has gotten a lot of attention among media outlets. Some even see it as a way to achieve "massive ROI for early investors", as owning and trading NFT colors has tremendous potential. Additionally, some outlets claim it will be the "top NFT project" as non-fungible tokens remain very popular among collectors, speculators, and other groups.
In the current NFT landscape, there are very few successful collections. Instead, there is an abundance of copy-and-paste projects that bring little or nothing to the table. Owning and trading colors is something new for the industry, which is direly needed to ensure non-fungible tokens can remain relevant and innovative.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
