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.
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