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Modern Marketing Marketing & the Marginalized Cryptocurrency

Gold crypto cube stunt loses luster in New York

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By John Glenday | Reporter

February 4, 2022 | 4 min read

An ostentatious cube composed entirely of 24-karat gold has been branded tasteless by lockdown-weary New Yorkers after appearing in the heart of Central Park to promote a new cryptocurrency.

Cube

The 186kg 24-karat gold cube was created by German artist Niclas Castello

The knee-height block is enough to make a pharaoh blush, weighing in at 186kg, while also making it a tall order to squeeze into your backpack. A round-the-clock security detail is also on hand to dissuade anyone of such notions.

Installed for one day only, the ultimate in bling is the brainchild of German artist Niclas Castello, hence the title of ‘The Castello Cube’ for the pricey installation. Castello also happens to be the mastermind behind Castello Coin, the latest upstart cryptocurrency hoping to cash in on the hype built by Bitcoin as he seeks ways to harness the timeless power of gold to drive adoption.

According to The New York Times, Castello has sold enough coins at 44 cents apiece to fund his pet project, capturing the attention of financiers and investors while being accused of dangling unobtainable riches in front of some of the city’s most needy.

Social media snipers were quick to dub the stunt fool’s gold, with many making unflattering golden comparisons.

Others were more succinct in their opinions.

Anticipation had been building for the mysterious metallic object for days after a fleet of vehicles paraded around Times Square emblazoned with GPS coordinates for its temporary resting place, with New Yorkers keen to ogle the $11.7m hollow block.

The growing clout of cryptocurrencies has thrown the sector under the spotlight of regulators as well as the public, with many of the latter already being turned off by celebrities being wheeled out to plug rampant speculation on the schemes.

This has prompted the Advertising Standards Agency (ASA) to issue a ‘red alert’ around risk, urgency, trivialization and incredulity promoted by crypto-peddlers.

Modern Marketing Marketing & the Marginalized Cryptocurrency

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