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Sneak Peek: Facebook's Upcoming iPhone Photo App

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This could very well be the death knell for troubled startup Color.

After months of missteps, false starts, and declining interest, Color's president and co-founder Peter Pham has left the company. Since raising $41 million in funding and being considered the company that could redefine social media, Color looks to be on its way out.

And on the photo-sharing front, Facebook is the one showing it the door.

TechCrunch just got a hold of screenshots to Facebook's upcoming iPhone photo-sharing app. And early word is that it could be the one to redefine how we share our photos. Here's one of the preliminary screenshots:

Based on the early photos, MG Siegler calls it a cross between Path, Instagram, Color, and With. Siegler also suggests that the standalone app will likely be integrated with the iPhone's main Facebook app. But no word yet whether the photo-sharing app will also see a release on Android, BlackBerry, or Windows Phone.

Given how many photos are uploaded to Facebook each month -- roughly six billion -- it'd be foolish not to.

As for third party apps, GigaOm's Darrell Etherington believes there will be enough room for competitors to coexist in the photo-sharing arena.

"[Stickier] apps like Instagram should be able to stay afloat, even with Facebook throwing up a huge wake. The iPhone-only app recently hit the 5 million user milestone, with roughly 26 million photos taken each month," Etherington writes.  "It's a far cry from Facebook's volume, but consider that Instagram is just eight months old, with only a single mobile client on a single platform."

He adds, "Like Twitter, Instagram offers a different set of experiences and expectations, maybe precisely because you’re extending beyond your normal social graph."

But I wouldn't hold my breath for Color to put up much of a fight.

(See also: Amazing iPhone App Review Underscores Color's Awful Launch and Nobody Likes Their Facebook Friends That Much)

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