• Owning and Trading NFT Colors Could Be the Next Big Thing

  • Non-fungible tokens (NFTs) have become one of the most lucrative areas in the blockchain space. Within the first half of 2021, NFT sales increased by $2.5 billion. In addition to this, it also surged by $10.7 billion in the third quarter of the year. This further reiterates the fact that the NFT market is booming and investors and creators are reaping huge profits from their uncounterfeitable tokens.

    However, the BitColors platform is looking to explore a completely different aspect of the NFT market. The platform wants to give its users the ability to own and trade colors in the form of uncounterfeitable tokens. Just like CryptoPunks did for early investors, those who get into BitColors early could be in for some great returns on their investment. Is it time for people to forget about NFT avatars and focus on owning and trading NFT colors? Well, time will tell.

    The unforgeable tokens are just getting started

    In March of this year, Beeple sold its NFTs for a whopping $69.3 million.Since then, the NFT market has been booming.In 2020, the market for non-counterfeitable tokens sold for just $330 million, while the market surged to $2.5 billion within the first half of 2021. Since the market boom, investors have been spending millions of dollars on NFT collectibles like CryptoPunks, and creators and artists are constantly releasing new NFTs to meet the growing market demand.

    Given all of this happening in the NFT space, it’s safe to assume that the market boom is just the beginning. However, many industry experts believe that the fire will eventually burn out as time goes on. According to Litecoin’s Charlie Lee, the value of most uncounterfeitable tokens will eventually collapse due to an oversupply. He says, “The problem with NFTs is that they are non-infinite tokens. There is zero cost to create an infinite number of tokens.”

    To clarify slightly, non-finite tokens are cryptocurrency assets used to represent tangible or intangible objects, images, artwork, real estate, etc. All properties and ownership of NFTs are recorded on the blockchain.

    BitColors’ innovative approach to the NFT space

    In every endeavor in life, innovation rules. When it comes to doing things outside of the box, BitColors is currently working on digital art. The platform has a collection of about 1,000 handmade NFT colors. In other words, they’re creating a space where people can own and trade colors. The platform is introducing a new and innovative angle to the burgeoning NFT market. As of the time of this writing, BitColors is the only project with this model. Given the huge ROI for early investors in the NFT market, early adopters of the BitColors project will likely enjoy the same fate.

    In BitColors, each color is handcrafted without any artificially pre-determined traits. Users will have the freedom to determine the value of each color. One interesting thing about the BitColors project is that the team has limited the collection to a relatively small number of 1,000 colors. With only 1,000 NFT colors, the value could skyrocket in the future due to scarcity.

    Conclusion

    Throughout the NFT market, a handful of successful projects like CryptoPunks and the like have proliferated. Aside from those few projects, most others are just copy and paste projects with nothing new to offer. They rely only on generated avatars, and in that regard, Lee is probably right. However, dismissing the entire NFT market because of these “copy and paste” projects could be a huge mistake.

    With the current market movement and innovation, NFTs are here to stay for a long time. The underlying blockchain that supports these NFTs has tremendous potential. it is entirely possible that the NFT market will expand further beyond what we already know. However, only projects with value will stand the test of time in the industry.

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