There is only a handful of NFT projects that has it’s floor rise while ETH is pumping, the BitColors collection is one of them. The project introduces 1000 new colors tokenized as non-fungible tokens. As colors have begun to drop, they tend to sell out within five minutes or less. Dan Bed commented the recent drop “Today’s 200+ BitColors were sold with 3min or so and that is with huge net fees on top of it. That’s what happens with great projects”. The demand for these tokens is rising, and various influencers are getting on board.
How BitColors Redefines NFTs
To date, most of the successful NFT projects are based around “profile picture collections.” Investors and speculators buy into a collection they can use as a profile picture on social media to show support for their favorite project. It is a viable strategy that has made projects like CryptoPunks and Bored Ape Yacht Club very successful. However, the technology can achieve so much more, including the creation of new colors and tokenizing them on the blockchain.
Early collectors were able to buy BitColors for 0.05 ETH, whereas the current minting price has tripled to 0.15 ETH. But the OpenSea floor price has risen to over 0.3 ETH, with top sales hitting the 1 ETH mark. Thus, collectors and traders achieve 200-1000% ROI already, although there may be more on the horizon since the collection is only making the first steps.
To promote BitColors for the mainstream audience the team is looking for collaborations with artists. For example, a comics artist will draw a story based on BitColors about a young wizard named Stardust. The BitColors team funds the production and marketing of these comics by contributing $10,000 to this comic. Plus, BitColors will make an impact on the Romanus Numerus NFT collection. The collection’s colors will all be derived from BitColors.
One more collab with Butterflies Museum, this collection revolves around butterflies, which, per the creator, are an ideal example of how different color combinations occur and the effect and feelings they can trigger in whomever looks at them. BitColors, with its hand-created colors, is all about determining what a color means or what value it has, Butterflies fall into that same category, and the collaboration for The Butterflies Museum is the logical outcome.
The latest collection to incorporate BitColors into its project is The Hours. It featured 1,400 minutes of every day as NFTs, and every color in this collection comes from the BitColors palettes. Moreover, The Hours will forward all royalties from secondary sales to the BitColors team during the first three months.
Furthermore, negotiations with other artists are ongoing, either with or without financial commitments. You can find more information on these discussions on Discord and Twitter.
Earlier, the BitColors team had hinted at the potential creation of “canvas pieces’ based on the colors they had created. That process is currently ongoing, with pixel art pieces being airdropped to community members. It is an intriguing approach to commit to the initial plans and highlights the potential of NFT technology.
Influencer Traction And Community Support
While all of the above is interesting, and NFT project will stand or fall based on how its community members respond. For BitColors, there is growing interest from various influencers.
Crypto Professor states:
¨Just love the concept and the originality of the http://BitColors.io collection. This art project looks for me like a seed of a new movement like Cubism or Surrealism. Can be huge in a few years.”
So far, it seems as if every influencer has positive comments about the project, including statements like “how it can stand out“, “so many use cases for this”, and “how it is a good collection to be part of“.
The BitColors Movement
Beyond the world of influencers are billions of real-world people that can be introduced to non-fungible tokens. BitColors community members are very excited about this project and have taken it upon themselves to begin creating graffiti-based artwork in Arkansas and other locations.
The unique feature of BitColors – tokenizing custom-made colors on the blockchain – is very different from nearly all other NFT collections on the market today. Profile picture-based ventures have lost traction, as that “bubble” has seemingly burst. There is still tremendous potential for NFT technology itself, but only if collections are worth investing in and collecting. New colors, in limited quantities, are just one example of what creators can achieve with non-fungible tokens.