NFT had its first taste of mainstream success when it became clear that the technology powering them offers a system for solving the ownership and distribution problems associated with the increasingly digitized art world. Even more importantly, it enables a system for establishing the uniqueness and rareness of assets, features that were previously difficult to implement when dealing with the digital forms of art.
Since 2021 began, we have witnessed just how appealing NFTs can be, with total NFT sales for the first half of the year revealed to be around $2.5 billion. At the forefront of this NFT movement are projects that have resonated with a mainstream audience. Some have retained their prominence because they are viewed as pioneers and have inspired a horde of other NFT projects. One project that comes to mind is CryptoPunks, which is arguably the most prominent NFT collection currently. Experts say that the high sentimental value of this collection is associated with its status as the first-ever NFT on Ethereum.
As expected, other offerings have copied CryptoPunks' template with the hopes of feeding off the NFT hype and attracting a strong following. While a handful has achieved a certain degree of success, the majority has failed to recreate a sustainable buzz. Notably, the NFT world is currently filled with rehashed projects trying to recreate the narratives that have propelled original NFT collections to success. In other words, we are inadvertently at risk of normalizing a copy-paste culture. Not many creators out there are interested in creating original pieces inspired by unique ideas. In the end, this approach is bound to raise concerns about the long-term value of such NFTs and reaffirm the perceived fragility of the NFT sector as a whole.
In what has now become a rarity, an upcoming NFT offering seems to have figured out the importance of unconventionality. Despite the growing disregard for originality, BitColors.io has set out to recapture the element of ingenuity that was once the bedrock of the NFT movement.
BitColors.Io Brings Color To The NFT World
Although this may sound boring at first, a deeper look reveals that BitColors has opted to deliver quality artworks and remove anything that would distract users from what really matters, which is the story that birthed each color. In a way, the team behind BitColors wants to create a narrative that is strong enough to establish the long-term viability of its offerings. And so, they are not about generating a temporary hype by unnecessarily complicating things. Instead, the goal is to focus on the fundamentals and organically attract a strong following.
Another factor that shows teams’ intent to establish a unique collection is the decision not to settle for auto-generated artworks. Each of the colors in the collection was carefully handcrafted to ensure that they retain their artistic merit.
It is also worth noting that there are just 1,000 NFTs in BitColors' collection -- this is small compared to other offerings, which normally launch as much as 10,000 items. Considering that rarer NFTs tend to attract higher valuations, one could argue that the small size of BitColors’ collection is a strategic decision to ensure that the value of each NFT maintains an upward trajectory. Also, the fact that each BitColors NFT is unique could play into the valuation of the digital assets.
All-in-all, there are reasons to believe that the creators of BitColors, from an artistic and implementation point of view, have put in the work to create something unique. They seem to have done enough to fall in the category of NFT offerings that may well spark the next phase of NFT growth and feature on prestigious auction houses like Christie's, Sotheby's, and Hermitage.