The Colorama is a location in Moshi Monsters, located at the Port. Monster owners can change the colour of their monsters, the price will always remain at 100 Rox even though they only change the eye colour, etc.
They can choose from a wide range of different colours for all parts of their monsters' bodies. The parts of the body that can be coloured varies according to its species. For example, Katsumas' stripes can be coloured, and Poppets' shoes can be coloured.
The Colorama is only for members, as it is located in The Port. When your membership expires you keep the colours that you are currently using from the Colorama.