I have so many favorite colors of nail polish: red, neon yellow,
black, sea foam green, hot pink, Tiffany Blue, and silver glitter.
I have so many favorite colors: nail polish red, neon yellow, black,
sea foam green, hot pink, Tiffany Blue, and silver glitter.
Both of these use it correctly, but i would choose "I have so many favorite colors of nail polish: red, neon yellow,
black, sea foam green, hot pink, Tiffany Blue, and silver glitter." You're choice though