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Update 3:00 p.m.: An official Color spokesperson has denied that the app is closing down. "Color is not shutting down," this person told TechCrunch's Colleen Taylor. So we guess the social media bubble is still intact—for now.

Original post:

Color, the super-overvalued photo-sharing app, continues to be the epitome of the social media bubble gone bad, as the board has voted to "wind down the company," according to an email obtained by Venture Beat's Ricardo Bilton. Around a year and a half ago the next big thing in social media raised $41 million dollars for a tired concept that didn't even have that many users and, of course, raked in $0 dollars of revenue. Even at the time, before Facebook ruined the start-up bubble, people questioned that investment.

A year later that feeling was confirmed: Color had a meager 30,000 daily users. With the soured attitude on social media apps, Color said it would attempt two more revisions of its vision, when its CEO Bill Nyugen stepped down. Since it turns out the world doesn't need another variation on a photo, video, location, mobile sharing phone-thingy, the company has taken a direction we expect to see from its many clones and is closing down for good. If we had to guess, we'd say Hipstamatic might be next. 

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