I thought it was cool looking too!
Just to be clear, I'm talking about a micro, rather than macro algae. It looks like red/pink cotton candy.
I liked it at first, but then it spread like wildfire, overtaking everything in its path.
The good news is, you can get rid of it with manual removal. You just have to keep at it for a month or two. My clean up crew didn't help, but I wouldn't be surprised if there was an herbivorous fish that would eat it.
Good luck!