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BitColors makes history as the first NFT project to acquire a crypto news outlet

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BitColors has acquired BTC Peers, an authority crypto news outlet, as per a press release on December 15.

Notably, this is the first time an NFT project is acquiring a crypto news source and merging it into its ecosystem. Diverging from the auto-generated avatars set in motion by the success of the Crypto Punks and Bored Apes collections, the creators of BitColors have different ideas as to what constitutes art. It coincides with predictions from crypto influencers like Charlie Lee that most avatars trading as NFTs would be worthless in a few years. Cognizant of this possibility, BitColors is linking NFTs with real-world utilities. Existing as a collection of 1,000 unique and handcrafted colors, BitColors is all about pure art regarding the team. 

On OpenSea, there are 443 holders of BitColors posting 215 ETH in trading volumes. The last release of the over 200 BitColors sold out in less than three minutes. Without interference, users can freely ascribe the value of each tokenized color based on their feelings and not a predetermined rarity. And it’s quite possible that this art project could attract auction houses like Christie’s, Hermitage, and Sotheby’s.

Driving Global Adoption for Crypto, Blockchain, and NFTs

Strategic for BitColors, blockchain, cryptocurrencies, and NFTs have proven a force. Therefore, spearheading adoption through acquiring a news source would bear fruits in the long haul. While crypto and blockchain prove disruptive and commands trillions in market cap, only a tiny section of the world’s global population is aware of the technology and its benefits. As of 2021, research findings estimated that the ownership rates of cryptocurrencies stood at 3.9 percent. Out of the seven billion people on earth, there are slightly over 300 million active crypto users. At the same time, there are over 18k businesses that have integrated cryptocurrencies, accepting them as part of crypto payment.

Despite NFT items posting over $2 billion in monthly trading volumes in popular marketplaces, the low adoption rate is a concern. This demands more concerted efforts by players, most importantly by media players, to onboard more users and even influence regulations. 

A significant barrier bogging the adoption of cryptocurrencies and digital assets, in general, is regulations. Applying rules have failed to pace up in the fast-moving crypto and NFT world. However, at present, dials are beginning to move in the right direction as policymakers formulate supportive laws, recognizing digital assets as emerging asset classes.

BTC Peers is a Crypto Authority

BTC Peers and other digital media are now influential in outreach and education. Together, they are no longer experimental, as was the case in the early years of the digital revolution. Instead, they have evolved to be a go-to source of incredible resources fostering the engagement of crypto fans, projects, and even brands. As crypto, NFTs, and blockchain continue to find mainstream success, the role of trusted news sources like BTC Peers will only become magnified, spearheading the move, driving adoption rates across the block.

Thus far in 2021 alone, over 6k resources, including Wikipedia, Shpigel, Entrepreneur, HackerNoon, and other established media brands, have used BTC Peers as a source, linking to the crypto news outlet more than 34k times. The number of referring domains is up over 7.5X, rapidly accelerating in the second half of the year. With this, BTC Peers is now an authority in crypto circles, actively producing valuable content ranging from breaking news, opinions, analysis, and more. Coupled with the rise of NFTs and metaverse, a dedicated section on the news outlet covers related events, updating its global community in real-time. 

BitColors Partnerships with Artists

Apart from the BTC Peers acquisition, BitColors is also actively partnering with artists. Already, it has closed a deal with the digital artists behind the Stardust collection, Butterflies Museum, and The Hours. At the same time, BitColors will impact the Romanus Numerus NFT collection, where its colors will be derived from BitColors. The team also creates “canvas pieces’ based on their colors. One of them I used for the cover image of the article.

 Disclaimer: This is a paid post and should not be treated as news/advice.

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

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