The BitColors collection is one of only a few NFT projects that has seen its floor rise while ETH has been pumping. The project adds 1000 new colors that are tokenized as non-fungible tokens. Colors that have begun to drop tend to sell out in five minutes or less. “Today’s 200+ BitColors were sold in 3min or less and that is with huge net fees on top,” Dan Bed said of the recent drop. That’s what happens when you work on a great project.” The demand for these tokens is increasing, and a variety of influencers are joining in.
BitColors’ Redefinition of NFTs
To date, the majority of successful NFT projects have revolved around “profile picture collections.” Investors and speculators invest in a collection that they can use as a profile picture on social media to show their support for their favorite project. It is a viable strategy that has resulted in the success of projects such as CryptoPunks and Bored Ape Yacht Club. However, the technology is capable of much more, such as the creation of new colors and their tokenization on the blockchain.
Early collectors could purchase BitColors for 0.05 ETH, but the current minting price has more than tripled to 0.15 ETH. However, the OpenSea floor price has risen to more than 0.3 ETH, with top sales exceeding 1 ETH. As a result, collectors and traders are already reaping 200-1000 percent ROI, though more may be on the way because the collection is still in its early stages.
The team is looking for collaborations with artists to promote BitColors to a wider audience. For example, a comics artist might create a story about a young wizard named Stardust using BitColors. The BitColors team contributes $10,000 to this comic to fund its production and marketing. Furthermore, BitColors will have an effect on the Romanus Numerus NFT collection. The colors in the collection will all be derived from BitColors.
Another collaboration with the Butterflies Museum, this collection is centered on butterflies, which, according to the creator, are an ideal example of how different color combinations occur and the effect and feelings they can elicit in those who look at them. BitColors, with its hand-created colors, is all about determining what a color means or how much value it has; Butterflies fall into the same category, and the collaboration for The Butterflies Museum is the logical result.
The Hours is the most recent collection to incorporate BitColors into its project. Every color in this collection comes from the BitColors palettes, and it featured 1,400 minutes of every day as NFTs. Furthermore, for the first three months, The Hours will forward all royalties from secondary sales to the BitColors team.
Furthermore, negotiations with other artists, with or without financial commitments, are ongoing. More information about these discussions can be found on Discord and Twitter.
Previously, the BitColors team hinted at the possibility of creating “canvas pieces” based on the colors they had created. That process is currently underway, with pixel art pieces being airdropped to members of the community. Committing to the initial plans is an intriguing approach that highlights the potential of NFT technology.
Community Support And Influencer Traction
While all of this is fascinating, the NFT project will live or die based on how its community members respond. Various influencers are showing an increasing interest in BitColors.
According to Crypto Professor:
I adore the concept and uniqueness of the http://BitColors.io collection. This art project appears to me to be the germ of a new movement, similar to Cubism or Surrealism. In a few years, it has the potential to be enormous.”
So far, it appears that every influencer has positive comments about the project, such as “how it can stand out,” “so many use cases for this,” and “how it is a good collection to be a part of.”
The BitColors Revolution
Beyond the world of influencers, there are billions of real-world people to whom non-fungible tokens can be introduced. Members of the BitColors community are very excited about this project and have begun creating graffiti-based artwork in Arkansas and other locations.
BitColors’ distinguishing feature – tokenizing custom-made colors on the blockchain – distinguishes it from nearly all other NFT collections on the market today. As that “bubble” appears to have burst, ventures based on profile pictures have lost traction. NFT technology has enormous potential, but only if collections are worth investing in and collecting. New colors in limited quantities are just one example of what non-fungible tokens can enable creators to achieve.