Plain colours are being are auctioned as NFTs on Tezo’s blockchain in a project called tzcolors. Yes, you read that right: colours such as red, blue and purple are being sold for money as crypto tokens.
Some colours such as Platinum have sold for as much as 675 tez, which currently is around $3,700 AUD! And Twitter blue is on a starting price of 100,000 tez which will set you back around half a million Aussie dollars at the time of this writing.
There are 1690 unique colours called “tzcolors” divided in three categories: Standard, Epic and Legendary. The project is basically quoted as “an experiment to showcase the tooling of the Tezos ecosystem like Beacon, Taquito, SmartPy”.
How it works
Each colour artwork is sold in a 7 day auction. On completion, the highest bidder wins the colour and can claim it. An owner of a colour artwork can create a new auction and specify the minimum bid amount and the auction duration. Each bid additionally extends the auction end time by 5 minutes.
The colours are priced in Tezo’s coin called XTZ (referred as “tez”) with the exchange being roughly $5 AUD = 1 XTZ at the moment.
Another example: if we take a look at the “lemon iced tea” colour, it’s being sold for 10.1 tez – currently worth around $50 AUD. That’s some pretty expensive tea!
What are NFTs?
A Non-Fungible Token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This means each colour artwork is represented by one unique token that only exists once.
NFT mania is taking off right now! Related reads:
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