Error installing babel plugin

[HASH-0021]

I have followed the steps for installing the library. But I am getting error Error: Iconify: You need to install a Babel plugin before using this library. You can continue by adding the following to your babel.config.js while using any icons in the code.

Below are the files overview for reference.

package.json file

"dependencies": {
    "react": "18.2.0",
    "react-native": "0.74.3",
    "react-native-iconify": "^1.0.2",
    "react-native-svg": "^15.4.0"
  },
"devDependencies": {
    "@babel/core": "^7.20.0",
    "@babel/preset-env": "^7.20.0",
    "@babel/runtime": "^7.20.0",
    "@react-native/babel-preset": "0.74.85",
    "@react-native/eslint-config": "0.74.85",
    "@react-native/metro-config": "0.74.85",
    "@react-native/typescript-config": "0.74.85",
    "@types/react": "^18.2.6",
    "@types/react-test-renderer": "^18.0.0",
    "babel-jest": "^29.6.3",
    "eslint": "^8.19.0",
    "jest": "^29.6.3",
    "prettier": "2.8.8",
    "react-test-renderer": "18.2.0",
    "typescript": "5.0.4"
  },
  "engines": {
    "node": ">=18"
  },
  "packageManager": "yarn@3.6.4"

babel.config.js file

module.exports = {
  presets: ['module:@react-native/babel-preset'],
  plugins: ['react-native-iconify/plugin'],
};

[HASH-0021]

<Iconify icon="mdi:heart" size={24} color="#900" /> line is causing this issue. More specifically, the color prop having #900 value. By changing the value to different color value, the issue is no longer present. Please fix the issue occurring when given this color prop value.

[oktaysenkan]

https://github.com/oktaysenkan/react-native-iconify?tab=readme-ov-file#iconify-you-need-to-install-a-babel-plugin-before-using-this-library-you-can-continue-by-adding-the-following-to-your-babelconfigjs