Tezos Becomes First Blockchain To Launch A Colour As Part Of Artwork Via Nfts

The Tezos blockchain will now host artwork that uses Pantone’s Colour of the Year in the form of non-fungible tokens (NFTs). While this is the first time that a colour has been released through a collection of NFTs, experts believe it won’t be the last.

The collection will feature NFTs designed by artist Polygon1993, each utilising the colour in its artwork, per a Coindesk report.

Tezos is an open-source platform for crypto assets as well as applications and is a fast, secure, and energy-efficient blockchain. These traits make Tezos the blockchain of choice, Pantone, the global colour standards setter, said in a release.

Also Read:

Pantone released the PANTONE 17-3938 Very Peri as a part of its Colour of the Year selection for 2022. The Very Peri colour is a unique mix of periwinkle blue with undertones of red. It has been inspired by the blurring lines between the physical and digital realms as various metaverse projects gather steam.

“We really felt, with the world in transformation, the best way for us to capture this collective mood and stepping into the unknown,

The popularity of NFTs is on the rise and has grabbed the attention of brands, artists, fashionistas, and designers alike. NFTs are a means of selling virtual assets by transacting in cryptocurrency.

Tezos jumped onto the NFT bandwagon when French gaming major Ubisoft on December 7 announced the release of its first in-game NFTs on the green blockchain.

As part of the collaboration, the video game maker will launch a platform called Ubisoft Quartz, which will allow users to obtain NFTs related to in-game items.

The announcement propelled the price of Tezos’ native currency XZT to $5.8 to $4.19 on December 8. The price has since hovered in the $5-$6 range as the PricewaterhouseCoopers Advisory called it more environmentally friendly.’

The Tezos blockchain functions with a very low carbon footprint and has improved its energy efficiency by 70 percent through a 30 percent cut in electricity consumption in the last year alone. It is also a self-amending blockchain which means the users can focus on innovation without jeopardising sustainability.

With a market capitalisation of roughly $4.6 billion, Tezos is currently ranked at 38. Pantone hasn’t stopped at making NFTs from its colour of the year. It has partnered with Microsoft to release a new filter on Teams which will add the Very Peri into the backdrop of users’ homes.

(Edited by : Jomy Jos Pullokaran)

First Published:Dec 09, 2021, 04:28 PM IST