The Color Museum wants to monetize the building blocks of NFT avatars by licensing out the exclusive rights to specific hexadecimal colors on the Blockchain, which you can select and name yourself. I fucking hate that sentence. By doing this, they claim, the owner of each color will somehow get paid a royalty every time that color is used in someone else's NFT avatar.
Own your color for eternity—or as long as Ethereum exists*. As a new primitive, the tokenID associated with your color resolves completely on-chain, now and forever.
We convert the hexadecimal associated with your color into pure number and use that for the NFT's tokenID, which is the primary immutable component of the ERC-721 specification. This makes it suitable for computation and—experimentation.
*And as long as you (and your heirs) exist. You can also trade your Color NFT on any open NFT marketplace that supports the ERC-721 standard, such as OpenSea.We are building an OpenSea competitor in whichtransaction fees are shared with Color NFT owners based on the proportional use of their colors in traded NFTs.
They offer an example on their website: that Bored Ape Yacht Club #9245 contains 398,151 pixels, which breaks down to the following percentages:
- 65.47% #E4E4A8
- 4.71% #6C6F5F
- 5.12% #F5979E
- 6.01% #E3C8A1
- 5.77% #FFFFFF
- 32% "other"
If you own the NFT of #E4E4A8, the Color Museum explains, you would be owed $5738.54 in transaction fees the next time that particular NFT avatar sells. This calculation is based on a 1.25% fee, using the "current offer of 247.1 ETH for this ape."
Curiously, OpenSea currently lists Bored Ape Yacht Club #9245 at 0.004 ETH, or $11.37. So I guess you'd be entitled to 65.47% of a 1.25% transaction fee, which would actually be 9 cents, if I'm doing my math right. That's a far cry from the $5738.54 that the Color Museum lists in their example (their example also switches halfway through to a different Bored Ape Yacht Club Avatar). So either I'm missing something, or privatizing colors is a stupid scam. I'm going with the latter.
Anyway who wants to invest in my new NFT platform to privatize letters of the alphabet?