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What's stopping Kobo (or somebody else) from making a calm color e-ink smartphone?

Calm as in no animations, b&w + a couple bright accent colors, say like red for icon badges.

People seem to like the b&w e-ink smartphones, but a color one would be a homerun.

Boox make a kind of smartphone device. It doesn't have the WAN, so wifi only but it's phone form factor.

Well, it's one thing to make an ereader. It's an entirely other thing to make a smartphone. It's not trivial, that's why Onyx released a phone-sized reader instead of a phone.

Hisense made color e-ink smartphones but they didn't make a color model of their latest Hisense A9.

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