Forget NFT Avatars, Owning and Trading NFT Colors Could Be the Next NFT Trend on OpenSea, Rarible and Foundation

In brief New NFT project, BitColors, wants to give users the ability to own and trade colors as NFT tokens. Just like with CryptoPunks, early adopters may be in for some massive ROI. NFTs are still such a big deal Following Beeple’s $69.3 million NFT sales in March, the digital art market appears to have gone into an overdrive mode. In the first half of 2021, the market for non-fungible tokens (NFTs) surged to $2.5 billion. Comparatively, the sales volume of the global NFT market was $338 million in 2020. From investors spending millions of dollars on CryptoPunks to digital artists churning out new NFTs at a record pace, one could assume that the frenzy is only just beginning. However, some industry experts have argued that the NFT flame will eventually burn out. For instance, Litecoin’s Charlie Lee predicts that the value of most non-fungible tokens will eventually crash to zero as supply overwhelms demand. He wrote: “The problem with NFTs is that they are non-finite tokens. There is zero cost to create an unlimited number of tokens.” For some context, a non-fungible token is a crypto asset used to represent a tangible or intangible item such as an image, in-game item, real-life artwork, or even real estate. The properties and ownership of the NFT are recorded on a blockchain, allowing it to be traded as a stand-in for the item it represents. Will Investors Lose Money? The current NFT landscape is primarily a proliferation of...