Why A Gold Cube Worth $11.7 Million Appeared In New York's Central Park

All that glittered in New York City's Central Park this week was gold. On Wednesday, a huge cube made out of pure gold appeared in the iconic location, complete with its own security detail. Made of 186 kilograms of pure 24-karat gold, the cube was created by German artist Niclas Castello. According to the Daily Mail, the artist dropped it in the middle of Central Park as a publicity stunt to draw attention to a new cryptocoin. 

"Never before in the history of humanity has such an enormous amount of gold been cast into a single, pure object. Gold - the eternal metal. Symbol of the sun, of light, of the good," he said in description of his artwork.

In a message to Artnet News, Mr Castello called the cube "a conceptual work of art in all its facets." He said the idea was to "create something that is beyond our world-that is intangible." 

In keeping with this concept, the cryptocurrency "Castello Coin" was launched alongside the physical artwork. A related NFT will also go on auction later this month.

The New York Times reported that Mr Castello, 43, displayed the gold cube for only one day in order to emphasise the rarity of the artwork. The artist also said the cube is not up for sale. If it were, the cost of gold used in it alone would amount to $11.7 million. 

According to Mr Castello's team, creating the gold cube required a special handmade kiln that could accommodate the size and volume of the metal while reaching the extreme temperature needed to melt it. The cube measures a foot and a half on all sides. 

After being taken down from public display at the Central Park, it was taken to a private dinner which was reportedly attended by a number of celebrities.