Color Protocol
COLOR is a meme asset launchpad based on BC-404( the First Deflationary NFT Standard ) and Conversion Pool(a platform to convert popular memecoin into BC-404 ). $Colorpepe is the first asset of COLOR
Created on 1st July 2024
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Color Protocol
COLOR is a meme asset launchpad based on BC-404( the First Deflationary NFT Standard ) and Conversion Pool(a platform to convert popular memecoin into BC-404 ). $Colorpepe is the first asset of COLOR
The problem Color Protocol solves
COLOR is a meme asset launchpad based on BC-404 token standard, building a new paradigm for memecoins&NFTs.
BC-404 (Bonding Curve 404) is the First Deflationary NFT Standard, based on improvements to ERC-404.It integrates the bonding curve model, which stipulates that the number of tokens required to generate an NFT continues to increase until reaching a pre-set cap.
Conversion Pool is the first product of COLOR designed to conduct experimental promotion in the memecoin field. It is a platform where you can convert popular memecoins into the BC-404 standard (bridging between different chains if necessary), and enabling native memecoin assets to be endowed with NFT attributes.
$colorpepe is the first BC-404 asset (deployed on base) and the first pepe PFP Collection generated from $PEPE. It merges the unique and scarce nature of NFTs with the popularity and liquidity of memecoins.
COLOR brings a new paradigm to the NFT field in terms of pricing model and gameplay mechanics. We believe this innovation will lead the market and become mainstream in the future.
Challenges I ran into
We initially planned to carry out the conversion on the Ethereum mainnet, but the NFT generation mechanism of 404 incurs high gas costs, negatively impacting the user experience. Later, we got in touch with Orbiter Finance, who appreciated BC-404 standard and our innovative ideas. They supported us with their cross-chain conversion technology, so we decided to conduct the first COLOR asset issuance experiment on the Base chain.
And due to the variance in token content among BC-404 NFTs, their value also varies. To reflect this feature in the NFT marketplace, the BC-404 contract links the NFT ID with the NFT's token content (the BC Count at the time of generation). This changes the existing pricing model in the NFT market. Market participants will need some time and education to learn and adapt to this new mechanism. However, we believe that in the future, this will shine as a new paradigm.
Tracks Applied (1)
Creator Track
CREATOR with Zora
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