In this flag, the first half is black :
Black is the color which consists of all colors, that is it absorbs or accepts all colors, which in this case represents the people from all countries, races, religions and genders. Also represents the infinity towards which we have taken first step as the city of sky (Asgardia).

The second half is white :
Color white consists many meanings here, first of which is light, that could be concluded as hope, hope of new era, of better and productive life, another interpretation is positiveness, and third and most important interpretation is peace, that is away from chaos, terrorism and hatred a new place where people will be in unity and peace.

And the circle sharing both the colors represents a place where all kind kind of people of different languages, countries, potential, and abilities, lives together in peace and harmony.