The red colour of blood is attributed to iron containing molecules (haem) that bind and transport O2 around the body. Transition metals, such as iron, can have many different colours, depending on oxidation state and environment. Other specialist organisms do use different metals to bind and transport O2; such as copper, making the blood a green colour!
Iron containing haemoglobin are responsible for the red colour of the blood. If we replace them by copper containing haemocyanin (as you can find in some invertebrates like crabs and lobsters) blood will be bluish in colour.
Although other animals such as crabs have copper for oxygen binding and transportation it is not as good as transporting oxygen only ~25% as efficient as iron.
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