How does chameleon paint (i.e. paint which color depends on viewing angle) work? What is its composition?
Such “effects pigments” work on the basis of interference in the layers of material that are dispersed in the paint. This is the same effect that causes soap or oil films to exhibit a range of colors. The wavelength of constructive interference varies with the angle of illumination and view and that results in the range of colors we see. This website provides a nice overview. You might also search for terms like “interference pigment” or “pearlescent pigment” to learn more.