Courtesy Pantone Color Institute

Today, the Pantone Color Institute announced that "Ultra Violet " is the 2018 Color of the Year. The blue-based purple is the newest addition to the color forecaster's annual designation, which began in 2000 with the color "Cerulean." According to the Institute, the meaning behind the hue is multi-fold: purple conjures images of mindfulness and mysticism, and it also often represents experimentation, non-conformity, and artistic brilliance. "Musical icons Prince, David Bowie, and Jimi Hendrix brought shades of ultra violet to the forefront of western pop culture as personal expressions of individuality," according to a press release by the Institute.

In fact, earlier this year, Pantone honored the late musician Prince with the release of another purple color called "Love Symbol #2." Named after an emblem that the singer devised (and briefly changed his stage name to in 1993), the deep hue was inspired by the color of Prince's Yamaha piano.

"Ultra Violet" is a slightly more vibrant shade of purple compared to "Love Symbol #2," and it aims to inspire wonder and creativity. “We are living in a time that requires inventiveness and imagination," said Leatrice Eiseman, executive director of the Pantone Color Institute, in the release. "It is this kind of creative inspiration that is indigenous to [Ultra Violet], a blue-based purple that takes our awareness and potential to a higher level." Last year's color "Greenery," was selected to evoke a burst of positive energy amid a tumultuous social and political climate.

Pantone will be partnering with online gallery Saatchi Art to create a limited edition collection of official Pantone Color of the Year 2018 prints, available Jan. 1. The institute will also release its first collector's item Pantone Color of the Year 2018 Formula Guides and Fashion and Home + Interiors Color Guides to help designers incorporate "Ultra Violet" into their creations.