sold his collection for $69.3 million in March 2021, no one knew the sluices of NFTs had been opened. The anonymous buyer, who later emerged to be a Singaporean tycoon, thrusted the idea of truly owning an asset with blockchain provenance to the masses. Then it started. Millions began to be thrown around Crypto Punks. The waves had been set in motion.
Seven months later, NFTs are unfortunately on stasis. And the crypto world knows how punishing it is when the tides begin to change. I have been looking closely around BitColors and the of the developing team. Is this project the future? Is this another "Crypto Punks" in the making?
As an active NFT trader, I have a rigorous selection checklist, especially when picking potentially valuable pieces. Rarity, the base blockchain, media presence, virality, uniqueness of the project, and the quality of the team are critical. Over and beyond that, I tend to trust my gut. And for now, I think the wave of avatar-led NFT mania is cooling off.
One of the primary reasons is that while avatars are valuable, they exist in the digital realm and are susceptible to copyright infringement. How often have we seen punks worth millions being used as a profile picture by random folks on Twitter? The low barrier of entry, the creativity plateau that we are currently facing present massive problems that, in my view, will destroy NFT avatars and its steep valuation as we know.
For this, I recently made the conscious investment decision to unload all my avatar-inspired NFTs for new approaches. When the current NFT house tumbles, I want to be out—and profitable. I'm looking at potential trendsetters and, most importantly, a project that all my checkboxes. BitColors, in my assessment, has the desired media presence and introduces something new to the currently creativity-starved NFT scene.
I'm convinced that a combination of uniqueness, divergence from auto-generated boring artworks, and media presence alone is what it takes for the project and every one of their 1k unique handcrafted NFT colors—with real-world utility--, to go viral. And we all know what happens when an NFT goes viral: Everyone wants to have a piece of it, and that's where every trader makes money.
The roadmap I’ve seen for BitColors only strengthens my belief in the project. The vision to build an NFT news platform to keep bringing more attention to the collection, combined with community activities, is a big selling point. Digital artists will create NFT art pieces based on BitColors later this year. Moreover, asset holders can combine BitColors to mint rare NFTs, either palettes or artworks. There is tremendous potential for this project in the next few months.
It may not be now, but as a nifty NFT trader, my money is on trailblazers and trendsetting projects. Already, I'm confident that my slot as an early adopter is safe.
