The non-fungible market has experienced a sudden surge in price with various artworks selling for as high as $60 million. Albeit nascent, the NFT space is an ever-growing industry with over $30.6 billion in market cap, as reported by CoinGecko.
With sales exceeding the $2 billion mark as reported earlier this year, the non-fungible token market, although recording one of the biggest sales in the trillion-dollar crypto space, has somehow limited users to boring and auto-generated images akin to those of CryptoPunks. With more of these projects springing to completely revolutionize the market, BitColors has been designed to bring "handcrafted colors" to the industry.
The BitColors’ Vision
Piggybacking on the existing NFT style, this platform attempts to introduce a different breed of non-fungible tokens — a collection of over 1,000 unique and handcrafted colors. Holders of these NFTs, according to the prior mentioned source, reserve the right to own and trade colors.
With the billion-dollar NFT market reaching and exceeding unprecedented heights, a ton of innovative features and projects have been launched to revamp the entirety of the market. One of such projects is Rarity Tools — a system designed to rank auto-generated NFT collectibles based on scarcity. The problem, however, with innovative third-party projects like Rarity Tools is that they judge the value of NFTs based on artificial components like scarcity rather than the soul and heart of creators.
Built to revolutionize this industry, BitColors seeks to determine the value of an NFT not based on scarcity and information from third-party tools but from the owner's heart and soul, the project development team reveals. The way the community feels about any NFT created should, in the long run, determine the value of that token, they further revealed.
Like CryptoPunks did for avatars, BitColors is creating something unique in the NFT space by introducing a series of handcrafted colors that can be owned and traded accordingly.
Aggressive PR and Marketing — BitColors’ Unique Strategy
One of the major challenges creators of non-fungible tokens have had to deal with over the years is that of PR and marketing. The inability to reach a target community puts them at risk of never selling their art for the right price. With this in mind, BitColors will make it a mission to spread the word about these NFTs, attracting mainstream attention. Besides a solid PR and marketing team, BitColors will strive for virality by publishing not only a book of colors but a short film, says the development team.
With the NFT community determining the value of each unique non-fungible token, BitColor will strive to create a whole new system. Akin to owning Platinum, Gold or Bitcoin, these NFT colors can possess tremendous future potential as the demand for new colors will continue to rise exponentially.
Leveraging on the existing principles of the market, anyone can create and publish NFT colors.
Scheduled to start marketing on October 19, 2021, the mint date and concomitant fee, according to the development team, will be announced on the aforementioned date. With more brands and individuals jumping on the NFT train, BitColors is positioning itself as an ideal project that will not only offer users a unique path but will ensure that the value of each NFT is determined by the community and not a third-party application.
With the color distribution expected to be random, BitColors, albeit introducing a new system, does not take away the element of surprise which has become synonymous with the crypto and NFT markets.