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BIG NEWS for the Notion ecosystem: you can now apply conditional colors to your database items!

How to set it up:
Database settings → Conditional color → Select your property → Color based on that property
For status and select properties, you can match colors to your property options. You can also create multiple coloring conditions that work similar to filters.

How I'm using conditional colors

P.S. it seems the more complex properties (relations, formulas, and rollups) are not supported yet.