October 5, 2022

How The BitColors NFT Collection Establishing a Fresh NFT Movement Rather Than Providing Quick Flip Potential

4 min read

There is just a handful of NFT tasks that has it’s flooring rise while ETH is pumping, the BitColors collection is one of them. The project presents 1000 new colors tokenized as non-fungible tokens. As colors have actually started to drop, they tend to offer out within 5 minutes or less. Dan Bed commented the current drop “Today’s 200+ BitColors were offered with 3min or two which is with substantial web charges on top of it. That’s what happens with terrific jobs”. The need for these tokens is rising, and various influencers are getting on board.

How BitColors Redefines NFTs

To date, most of the successful NFT jobs are based around “profile image collections.” Financiers and speculators purchase into a collection they can use as a profile picture on social networks to show support for their preferred job. It is a practical method that has actually made tasks like CryptoPunks and Bored Ape Yacht Club really effective. Nevertheless, the innovation can achieve so much more, including the development of new colors and tokenizing them on the blockchain.

Early collectors were able to purchase BitColors for 0.05 ETH, whereas the existing minting cost has tripled to 0.15 ETH. However the OpenSea floor price has increased to over 0.3 ETH, with leading sales hitting the 1 ETH mark. Therefore, collectors and traders attain 200-1000% ROI already, although there may be more on the horizon since the collection is just making the initial steps.

To promote BitColors for the mainstream audience the group is trying to find collaborations with artists. For instance, a comics artist will draw a story based on BitColors about a young wizard named Stardust. The BitColors group 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 focuses on butterflies, which, per the creator, are a perfect example of how various color mixes happen and the impact and sensations they can trigger in whomever takes a look at them. BitColors, with its hand-created colors, is everything about identifying what a color suggests or what value it has, Butterflies fall into that very same category, and the partnership for The Butterflies Museum is the sensible result.

The newest collection to integrate BitColors into its project is The Hours. It included 1,400 minutes of every day as NFTs, and every color in this collection originates from the BitColors combinations. Furthermore, The Hours will forward all royalties from secondary sales to the BitColors group throughout the very first 3 months.

Furthermore, negotiations with other artists are continuous, either with or without financial commitments. You can find more info on these discussions on Discord and Twitter.

Earlier, the BitColors team had actually hinted at the potential development of “canvas pieces’ based upon the colors they had actually developed. That procedure is currently ongoing, with pixel art pieces being airdropped to neighborhood members. It is an intriguing technique to commit to the initial strategies and highlights the capacity of NFT innovation.

Influencer Traction And Community Support While all of the above is intriguing, and NFT task will stand or fall based upon how its community members respond. For BitColors, there is growing interest from numerous influencers.

Crypto Professor states:

¨Just like the concept and the originality of the http://BitColors.io collection. This art task looks for me like a seed of a new motion like Cubism or Surrealism. Can be huge in a couple of years.”

Up until now, it seems as if every influencer has favorable remarks about the task, consisting of statements like “how it can stand out”, “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 individuals that can be presented to non-fungible tokens. BitColors neighborhood members are very delighted about this task and have taken it upon themselves to begin developing graffiti-based artwork in Arkansas and other places.

The special feature of BitColors – – tokenizing tailor-made colors on the blockchain – – is extremely different from nearly all other NFT collections on the market today. Profile picture-based ventures have actually lost traction, as that “bubble” has apparently burst. There is still significant potential for NFT technology itself, but just if collections deserve investing in and gathering. New colors, in restricted amounts, are just one example of what creators can accomplish with non-fungible tokens.