No this isn't colored coins; Its a first class asset on the WAVES network. The protocol itself supports user issued assets (aka cryptoassets). Colored coins is a hack for bitcoin-like protocols that don't support native assets.
Thanks for the clarification, I guess I shouldn't trust wikis. ¯\_(ツ)_/¯
> What is Waves’ advantage over traditional crowdfunding platforms? Waves is a coloured coins blockchain platform with an integrated decentralised exchange. Our unique selling point...
http://www.waveswiki.org/index.php?title=FAQ
Someone needs to consolidate data about these cryptocurrencies in a wiki with the same standards/format as Wikipedia...