Color Museum NFTs Provide Ownership of Individual Colors
Laura McQuarrie — February 7, 2022 — Tech
References: color.museum & designtaxi
There are 10,000 Standard Red Green Blue (sRGB) hues that are being brought to the blockchain thanks to Color Museum NFTs, which give collectors the chance to own a color, name it and even give it a personality. When a digital asset is sold on the platform that uses the same shade, the owner is also eligible to collect royalties. As founder Omar Farooq said to Motherboard, "We’re going to be turning colors into money." Notably, royalties can only be claimed from non-fungible tokens that are listed on the Color Museum, and not anywhere else.
Some of the colors that have been minted on the Ethereum blockchain include Rosy Red, Pinkalot, Nearly Black and Bored Grey. Brand names and color hexadecimal associated with brands are blocked from being minted.
Some of the colors that have been minted on the Ethereum blockchain include Rosy Red, Pinkalot, Nearly Black and Bored Grey. Brand names and color hexadecimal associated with brands are blocked from being minted.
Trend Themes
1. Color-centric Ownership - The trend of color-centric NFTs will create new ownership opportunities for digital assets, not limited to art alone.
2. Royalty-based Revenue - The trend of royalty-based revenue model on blockchain-based platforms will provide new opportunities for creators to monetize their work.
3. Naming and Personification - The trend of naming and personification of digital assets will provide an opportunity to establish emotional connections with digital assets.
Industry Implications
1. Art - The trend of color-centric NFTs will revolutionize the art industry by making it more accessible and transparent than ever before.
2. Fashion - The trend of color-centric NFTs will help the fashion industry to create unique color palettes and patterns that could be owned and sold by individuals.
3. Branding and Marketing - The trend of color-centric NFTs will lead to new branding and marketing opportunities by allowing brands to own and protect their unique colors.
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