4 ms·

Can You Own a Color? A New NFT Marketplace Is Trying to Find Out

5 points by omarfarooq 5y ago

nhayfield 5y ago
tldr: the answer is no
- rvz 5y ago
  Actually, yes. [0] [0] https://en.wikipedia.org/wiki/Colour_trade_mark https://en.wikipedia.org/wiki/Colour_trade_mark
  - uberman 5y ago
    You should clarify that it is not universal ownership of a color, but limited rights in the context of products/services that might be confused with each other.
throwawayffffas 5y ago
I had the exact same idea but, I am to lazy to market it, plus it's ridiculous. https://opensea.io/collection/real-life-solid-colors https://opensea.io/collection/real-life-solid-colors
- omarfarooq 5y ago
  Founder here. We are building an NFT marketplace where a portion of transaction fees for settled trades is distributed with Color NFT holders based on the proportional use of the color associated with their Color NFT in a given traded NFT. It's more than just color.
  - deleted 5y ago
    [deleted]
  - throwawayffffas 5y ago
    Interesting, but I do wonder what the SEC might think of this scheme.
  - danuker 5y ago
    What happens when multiple people mint each of 16.7 million RGB-representable colors each?
    - omarfarooq 5y ago
      They can't in our smart contract. We take the color hexadecimal and convert it into a pure number and use that as the NFT's tokenID—which is the primary immutable component of the ERC-721 specification. Two tokenIDs cannot occupy the same number.
      - danuker 5y ago
        Interesting! And how do color components get passed from an image file to the blockchain? Do your servers retrieve and analyze the image?
        omarfarooq 5y ago
        That's a great question. To render the NFT Card (for example: https://color.museum/gallery https://color.museum/gallery) we simply reverse the tokenID's number with the numberToHex function of web3.js (we used hexToNumber to convert it in the opposite direction). This allows us to recreate the color as needed. There's an image file associated with the Color NFT in its metadata, but everything rests on the tokenID's resolution to a specific color hexadecimal.
        danuker 5y ago
        Right, this is about the color NFT. But how about other picture NFTs that would pay fees to the color ones? Surely the processing of a picture is done in a centralized fashion, and that is what determines the amount to pay to each owner of a color NFT.
        omarfarooq 5y ago
        Yes, processing of the amount of the royalty will be done offchain, but will be auditable and independently verifiable. Disputes can be brought against the dev team. We are receiving 50% of the accumulated transaction fee pool to maintain and grow the market; so in the event of mistakes we will be prepared to cover. All transaction fees will accumulate into a pool and will be callable by addresses only in proportion to their share of the pool.
emptylexicon 5y ago
As time goes on, I hate the NFT space more and more. This stuff is just ridiculous.

5 points by omarfarooq 5y ago

nhayfield 5y ago

tldr: the answer is no

rvz 5y ago
Actually, yes. [0] [0] https://en.wikipedia.org/wiki/Colour_trade_mark https://en.wikipedia.org/wiki/Colour_trade_mark
- uberman 5y ago
  You should clarify that it is not universal ownership of a color, but limited rights in the context of products/services that might be confused with each other.

throwawayffffas 5y ago

I had the exact same idea but, I am to lazy to market it, plus it's ridiculous. https://opensea.io/collection/real-life-solid-colors https://opensea.io/collection/real-life-solid-colors

omarfarooq 5y ago
Founder here. We are building an NFT marketplace where a portion of transaction fees for settled trades is distributed with Color NFT holders based on the proportional use of the color associated with their Color NFT in a given traded NFT. It's more than just color.
- deleted 5y ago
  [deleted]
- throwawayffffas 5y ago
  Interesting, but I do wonder what the SEC might think of this scheme.
- danuker 5y ago
  What happens when multiple people mint each of 16.7 million RGB-representable colors each?
  - omarfarooq 5y ago
    They can't in our smart contract. We take the color hexadecimal and convert it into a pure number and use that as the NFT's tokenID—which is the primary immutable component of the ERC-721 specification. Two tokenIDs cannot occupy the same number.
    - danuker 5y ago
      Interesting! And how do color components get passed from an image file to the blockchain? Do your servers retrieve and analyze the image?
      - omarfarooq 5y ago
        That's a great question. To render the NFT Card (for example: https://color.museum/gallery https://color.museum/gallery) we simply reverse the tokenID's number with the numberToHex function of web3.js (we used hexToNumber to convert it in the opposite direction). This allows us to recreate the color as needed. There's an image file associated with the Color NFT in its metadata, but everything rests on the tokenID's resolution to a specific color hexadecimal.
        danuker 5y ago
        Right, this is about the color NFT. But how about other picture NFTs that would pay fees to the color ones? Surely the processing of a picture is done in a centralized fashion, and that is what determines the amount to pay to each owner of a color NFT.
        omarfarooq 5y ago
        Yes, processing of the amount of the royalty will be done offchain, but will be auditable and independently verifiable. Disputes can be brought against the dev team. We are receiving 50% of the accumulated transaction fee pool to maintain and grow the market; so in the event of mistakes we will be prepared to cover. All transaction fees will accumulate into a pool and will be callable by addresses only in proportion to their share of the pool.

emptylexicon 5y ago

As time goes on, I hate the NFT space more and more. This stuff is just ridiculous.