The color swatches settings control how color swatches are displayed for product variants in the Next theme. To find these settings, go to Online Store > Themes > Next > Customize > Theme Settings and scroll down to Color Swatches.
Enable Color Swatches
The Enable Color Swatches setting determines whether to show color swatches for product variants.
Color Swatches Name
The Color Swatches Name setting determines the option name used for the color swatches.
Custom Colors
The Custom Colors setting allows you to define custom colors for your color swatches. This is useful if you are using colors that are not standard, such as "Pearl green" or "denim blue". For each color, enter the name of the color, followed by a colon (:) and the hex code. For example, to define a custom color for "Red", you would enter Red: #DC143C.
I hope this is helpful!